The ThankYou points post with the statement, just like Alliant. But the points are awarded in two stages, as turtlebug showed. If you only make purchases during the cycle and no payments, then the statement will only have 1% rewards for the purchases (stage 1). If you pay off the balance in the next statement cycle, then that statement will reflect the other 1% in rewards (stage 2). You can also charge and pre-pay all in the same cycle to get the full 2% reward on a single statement.
The only trick to remember with this card is that if you redeem TY points for statement credits, then that redemption does not count as a “payment” and does not earn the 1% reward for stage 2, which means the rewards become 1.99% instead of the full 2%. Redeem for anything else to get the full 2%.