You'll have access to all of the Premium features! You may need to go into your settings and add them to your Data Entry page to make sure they appear in your account.
Your subscription automatically renews unless auto-renew is turned off at least 24 hours before the end of the current period. Your credit card will automatically be charged at the same price for renewal depending on which option you choose (monthly or yearly), within 24 hours prior to the end of the current billing period.
Purchased Premium on your iPhone using Apple's Subscription page? See this article for further steps!