HERE is a guest post that I just guest-wrote for another much better blog than mine. :)
As you will read, this is a great card to earn 2.625% back on everything you buy - IF you can qualify for BofA's "Platinum Honors" status in the Preferred Rewards program. Basically, you need to have $100k in an account at BofA or MerrillEdge (which could be a rollover IRA). IF that's doable for you, it's tough to beat 2.625% back on everyday/non-category spend.
If you're a newbie (like I was and arguable still am!), what I mean by "non-category spend" is that there are other credit cards where you can do better than 2.625% back in certain categories. Such as earning 6% back on groceries, or 5% on gas, or 2x or 3x points/miles on restaurants.
Let me know if you have any questions, either here or at Miles to Memories (or via email).