Milestone perk questions

How soon after reaching a milestone are you required to pick a reward? This matters because if you choose silver status for a trip at 10k for instance, you have 14 days from the day you choose the reward to use it according to t's and c's.

Another question: are the bonus points starting at 25% for the silver level considered status points? E.g. if I flew a round trip to Europe and earned 5k points for the distance based travel would I receive an additional 25% bonus on the 5k points?