An award is a special prize such as the Oscar. It is usually connected to a contest or social event. A reward can be anything you get for making an effort, or as an incentive, say like cash back in credit cards, or miles, even a small cookie for "being good."
"Awards vs Rewards." Diffen.com. Diffen LLC, n.d. Web. 22 Jul 2014. < http://www.diffen.com/difference/Awards_vs_Rewards >