A nice benefit is that if you get the BOA Premium Rewards card (and have Platinum Honors status)you can earn 2.6% on everything, and 3.5% on travel and dining.
There is a $95 annual fee, but it is waived in the first year. I suspect that if you choose not to keep this card, you could product exchange for another, such as the Travel Rewards card for 2.625% on every thing.
BOA now has limits on how frequently they will let you get new cards so you may wish to plan ahead.
There is a new rule from Bank of America whereby they’ll only approve you for at most
two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months. Let’s call this the ‘2/3/4 rule‘.
from New Bank of America '2/3/4 Rule' for Credit Card Approvals [Confirmed] - Doctor Of Credit
Thus, if you are just trying to get Preferred status you need to think as to which cards will go with it, and in what order.
I suggest a Cash Rewards early (I like the Komen since it gets a little for breast cancer research in addition) since they do not give you the bonus until you request the rewards. Hence use this for grocery, gasoline (if no other card gives better rewards), but do not request a reward until in the highest status you expect to reach.
This new Premium Rewards Card appear very attractive just for the bonus reward. This would use up your two cards per rolling 2 months.
If you do not wish to pay the fee to keep the card, try to convert to a Travel Rewards card, or apply for a new one (this gets a bonus, but blocks you from any new BOA cards for another year). After 2 years I would consider the AAA card to transfer points from a Travel card to if you do not have enough travel expenses to easily redeem them.
Here are more details on the Premium Rewards Card:
"50,000 bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
Get up to $200 in travel statement credit rewards
Get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement
Get up to $100 Airport Security Statement Credit towards TSA Pre✓ ® or Global Entry Application fee, every four years
If you’re a Bank of America® Preferred Rewards client, you can enjoy 25% - 75% rewards bonus on every purchase. That means you could earn up to 3.5 points per $1 on travel and dining purchases and up to 2.62 points per $1 on all other purchases"