Patience is of three types...

What is the status of patience and what is the reward for those who exercise patience?

Patience has a great status in the sight of Allah. The Imaan of a slave (i.e. a male or female Muslim) cannot be perfect without patience. Patience is from the best of deeds and its reward has no limits. When it is the case that one good deed is written as ten good deeds and can multiply until it reaches seven hundred or more, then indeed the reward for exercising patience has no limits, for indeed Allah said:
"Only those who are patient shall receive their rewards in full, without Hisaab (without limit, calculation and estimation)." [39:10] [Tayseerul Kareem Ar-Rahmaan Fi Tafseeri Kalaam Al-Mannan]

Patience is of three types:

[1] The first type patience is when a person exercises patience (whilst striving) to obey Allah: A Muslim is commanded to exercise patience (whilst striving) to obey Allah, especially the when fulfilling obligations. And the first of those obligations is the prayer, for it is obligatory to establish it at its fixed time together with all its conditions and obligatory acts. Therefore, patience is required in seeking to fulfill the five daily prayers. When a sleeping person hears the Adhaan of Fajr, he strives against his soul and wakes up, and then he performs Wudhu and goes to the Masjid. This is patience whilst seeking to obey Allah. One also exercises patience in striving to treat his (or her) parents kindly, dealing with them in a beautiful manner and patiently bearing whatever occurs from that. Allah said: 
 

"And your Lord has decreed that you worship none but Him. And that you be dutiful to your parents. If one of them or both of them attain old age in your life, say not to them a word of disrespect, nor shout at them but address them in terms of honour." [17:23]

"And lower unto them the wing of submission and humility through mercy, and say: 'My Lord! Bestow on them Your Mercy as they did bring me up when I was small.'” [17:24]

"Your Lord knows best what is in your inner-selves. If you are righteous, then, verily, He is Ever Most Forgiving to those who turn unto Him again and again in obedience, and in repentance." [17:25]

A person should also exercise patience in seeking to nurture his (or her) children and teaching them good manners and behaviour.

[2] The second type of patience is when a person exercises patience in seeking to restrain him (or herself) from disobeying Allah: A person excises this patience in order to prevent him or (herself) from sins and (evil) desires. And among those sins a person should keep away from is that he refrains from violating the honour of the people.

[3] The third type of patience is when a person exercise patience when encountered with Allah’s decree, which maybe something painful (i.e. a calamity): That is because that which afflicts a person, such as the death of a son (or daughter) or being afflicted with a sickness on a person’s the body, or his (or her) sanity, or what may afflict a relative of his (or hers), it is obligated on a person to exercise patience when these affairs are encountered and should hope for Allah’s reward for being patient. He should know that all these affairs are from Allah. Allah said:
"No calamity befalls, but with the Leave (i.e. decision and Qadar (Divine Preordainments)) of Allah, and whosoever believes in Allah, He guides his heart." [64:11]

Alqamah (ra) said: "This (Ayah) is about a person who is afflicted with a calamity and he knows that it is from Allah. So he becomes pleased with what Allah has decreed and submit to Allah’s judgement, and he (or she) says: ‘’This is Allah’s decree. I believe in Allah and we are pleased with Allah’s decree.'” So Allah fills his heart with Imaan and tranquillity, and he (or she) receives a great reward (i.e. due to his patience).