No, you can spend GamerPoints anytime as long as your Account is kept current and it's within the 12 months period.
We will be adding new Gifts from time to time, so you should plan ahead and spend your GamerPoints carefully on the Gifts that you really want.
Reminder: You will not earn any GamerPoints if you purchase a product that is on promotion, discounted or marked as Nett Price.
Additionaly, you will not earn any GamerPoints if you pay for your purchase with vouchers that are obtained from other promotions.