In The Name of Allaah, The Most Merciful, The Bestower of Mercy.
The questioner asks: 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 Most High). The Eemaan 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 Allaah ( Glorified and Exalted be He) said:
إِنَّمَا يُوَفَّى الصَّابِرُونَ أَجْرَهُم بِغَيْرِ حِسَابٍ
Only those who are patient shall receive their rewards in full, without Hisaab (without limit, calculation and estimation) [a] [39:10]
Patience is of three types:
 The first type patience is when a person exercises patience (whilst striving) to obey Allaah: A Muslim is commanded to exercise patience (whilst striving) to obey Allaah (The Most High), 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. [b] 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 Allaah. 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. Allaah (The Most High):
وَقَضَىٰ رَبُّكَ أَلَّا تَعْبُدُوا إِلَّا إِيَّاهُ وَبِالْوَالِدَيْنِ إِحْسَانًا ۚ إِمَّا يَبْلُغَنَّ عِندَكَ الْكِبَرَ أَحَدُهُمَا أَوْ كِلَاهُمَا فَلَا تَقُل لَّهُمَا أُفٍّ وَلَا تَنْهَرْهُمَا وَقُل لَّهُمَا قَوْلًا كَرِيمًا
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]
وَاخْفِضْ لَهُمَا جَنَاحَ الذُّلِّ مِنَ الرَّحْمَةِ وَقُل رَّبِّ ارْحَمْهُمَا كَمَا رَبَّيَانِي صَغِيرًا
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]
رَّبُّكُمْ أَعْلَمُ بِمَا فِي نُفُوسِكُمْ ۚ إِن تَكُونُوا صَالِحِينَ فَإِنَّهُ كَانَ لِلْأَوَّابِينَ غَفُورًا
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.
 The second type of patience is when a person exercises patience in seeking to restrain him (or herself) from disobeying Allaah: 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.
 The third type of patience is when a person exercise patience when encountered with Allaah’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 Allaah’s reward for being patient. He should know that all these affairs are from Allaah. Allah (the most high) said:
مَا أَصَابَ مِن مُّصِيبَةٍ إِلَّا بِإِذْنِ اللَّهِ ۗ وَمَن يُؤْمِن بِاللَّهِ يَهْدِ قَلْبَهُ ۚ
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 (radiyallaahu-anhu) said: This (ayah) is about a person who is afflicted with a calamity and he knows that it is from Allaah. So he becomes pleased with what Allaah has decreed and submit to Allaah’s judgement, and he (or she) says: ‘’this is Allaah’s decree. I believe in Allaah and we are pleased with Allaah’s decree.” So Allaah fills his heart with Eemaan and tranquillity, and he (or she) receives a great reward (i.e. due to his patience).
We ask Allaah to include us and you amongst those who exercise patience. Pages 11-14
[Source: Fadaa’il Al- A’maal’ pages 11-14’ by Shaikh Muhammad Bin Abdillaah As-Subayyil (rahimahullaah). Abridged and slightly paraphrased]
[a] Tayseerul Kareem Ar-Rahmaan Fee Tafseeri Kalaam Al-Mannaan’ by Imaam Sadi (rahimahullaah)
[b]Conditions, pillars and obligations of the prayer, see link: http://www.salafitalk.net/st/viewmessages.cfm?Forum=10&Topic=8984