The referral reward will be applied as a default to your subscription account. This means that if you have a subscription to Intelligent Investor, you will receive $100 credit to your subscription account to use at your next renewal.
If you do not have a subscription to either Intelligent Investor, then you will have $100 deposited into your PMA account.
The credit amount will be applied within three months after your referee has either paid for their annual subscription or funded their investment account.