Preferred Rewards is the replacement for BofA's Platinum Privileges, but has only rolled out to a few states so far. Supposedly it's to be rolled out nationwide by the end of the year.
Very interesting rewards program. So far just for people who live in KS, MO, NV, SC and WA it seems.
In NV and WA the Marukai Premium JCB card (~3% on all spending) still wins IMO.