At the bottom of Terms and conditions I see something like this:
The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice.
*To be eligible for this cash back offer, your account must be open with charging privileges and you must activate this offer by June 30, 2013. From the date you activate this offer through June 30, 2013, you will earn 5% cash back for eligible purchases (excluding credits, returns and adjustments), up to a total of $25, in addition to the standard 1% cash back you earn on all purchases. To qualify for this cash back offer, the transaction must be assigned one of the following specified merchant category codes: Gas Stations (5541-5542), Grocery Stores (5411, 5422, 5441, 5462, and 5499), Drug Stores/Pharmacies (5122, 5295, 5912) and Restaurants (5811-5814) (each an "eligible purchase" for this offer).