Preheat oven to 350°F (175°C). Grease and flour a 9x13 inch baking pan.
In a large bowl, cream together the butter and sugars until light and fluffy.
Beat in the eggs one at a time, then stir in the vanilla.
In a separate bowl, whisk together the flour, baking powder, baking soda, and salt.
Gradually add the dry ingredients to the wet ingredients, alternating with the buttermilk and rum, beginning and ending with the dry ingredients. Mix until just combined.
Pour batter into the prepared pan and bake for 45-50 minutes, or until a wooden skewer inserted into the center comes out clean.
Let cool in the pan for 10 minutes before inverting onto a wire rack to cool completely.
Notes
This cake is best served at room temperature. Store leftovers in an airtight container at room temperature for up to 3 days.