First of all, when you reach a new status for the first time, you receive a key. This key gives you access to the Wheel. The higher your status, the higher the number of COINS you can win.
If you move to a lower status, then go back up to a status you have already reached, you will not get a key to spin the Wheel as this is not the first time you reach this status.
You also get Monthly Boxes, which you can open at the start of each month. The idea of the Box is the same: the higher your status, the higher the number of COINS you can win.