Do I lose my status when I use my Rewards points?

No. When you use your Rewards points, you do not lose your status.

For example: You have Silver status and 2500 Rewards points and 2500 Status points on your account.

If you use 2000 Rewards points, your Rewards points balance will go down to 500 Rewards points and your Status points balance will remain at 2500 Status points. You will retain your Silver status until it expires.