Personally, I think it is worth it if you have decent spend in one of the 3% categories. I have mine set to online shopping so I don't even need to carry it in my wallet.
I don't know what your assets are with BoA, but if you have at least $20k in your checking/savings, you can qualify for Preferred Rewards and bump up those cashback percentages by 25-75%. Bumping those 1-2-3% categories to 1.75-3.5-5.25% is a sweet deal if you can pull it off.
Cash Rewards is great card and has some unique features not offered on other cards. Compared to some other rotating category cards, the difference in spending caps is effectively a wash with a lower 3% on a higher cap of $2500 versus 5% on a lower cap or $1500 or $2000. But the Cash Rewards allows you to (1) select from one of those six categories and (2) even better, it allows you to change your category every month! I don't know of any other card that does that. It makes it the most flexible category rewards card on the market. 
Also, like @TSlop said, if you do decide to do more business with Bank of America, you can enroll in the Preferred Rewards program. It would allow you to boost those rewards rates by 25%, 50% or even 75% based on your deposits or investments with Bank of America and Merrill Lynch. (The three tiers require $20K, $50K, or $100K in total deposits, but some have qualified by moving investment accounts including IRA's to the Merrill Lynch investment account.) So those 3% rates can be boosted to 3.75%, 4.5%, or 5.25% respectively based on Preferred Rewards tier. (3.0 x 1.25; 3.0 x 1.50; 3.0 x 1.75.) Similarly, the 2% and 1% rates are boosted also.
>>Personally, I think it is worth it if you have decent spend in one of the 3% categories. I have mine set to online shopping so I don't even need to carry it in my wallet.
Same here, I just wish they would up the SL (currently $1500) 
@Aim_High wrote:Cash Rewards is great card and has some unique features not offered on other cards. Compared to some other rotating category cards, the difference in spending caps is effectively a wash with a lower 3% on a higher cap of $2500 versus 5% on a lower cap or $1500 or $2000. But the Cash Rewards allows you to (1) select from one of those six categories and (2) even better, it allows you to change your category every month! I don't know of any other card that does that. It makes it the most flexible category rewards card on the market.
Also, like @TSlop said, if you do decide to do more business with Bank of America, you can enroll in the Preferred Rewards program. It would allow you to boost those rewards rates by 25%, 50% or even 75% based on your deposits or investments with Bank of America and Merrill Lynch. (The three tiers require $20K, $50K, or $100K in total deposits, but some have qualified by moving investment accounts including IRA's to the Merrill Lynch investment account.) So those 3% rates can be boosted to 3.75%, 4.5%, or 5.25% respectively based on Preferred Rewards tier. (3.0 x 1.25; 3.0 x 1.50; 3.0 x 1.75.) Similarly, the 2% and 1% rates are boosted also.
Oh wow that is quite the boost to be used on a category forever. Makes me want to open an account with them now lol
