Spain is a top European pick for U.S. travelers — beaches, coastlines, history and relatively short flights. Right now there’s strong award availability to Madrid on Iberia from mid-September through the end of 2026, and a current 20% Chase Ultimate Rewards transfer bonus to Iberia makes some one-way awards especially cheap.
Deal basics
– Airline: Iberia.
– Routes: JFK, EWR, BOS, IAD → MAD (Adolfo Suárez Madrid‑Barajas).
– How to book: Use Iberia Club (Pay with Avios) or transfer Chase Ultimate Rewards for the 20% bonus before booking.
– Award pricing (one-way, off‑peak, plus taxes/fees): 16,000 Avios economy; 29,500 Avios premium economy; 40,500 Avios business. With a 20% Chase transfer bonus, those require 14,000 / 25,000 / 34,000 Chase points respectively.
– Cash fares (examples): from about $324 economy, $1,009 premium economy, $2,734 business.
– Travel dates: Various dates mid‑September through December; some routes out of MIA, ORD, MCO, LAX and DFW show slightly higher rates.
How to find and book
– Log into your Iberia Club account and choose “Pay with Avios” before searching.
– Use the monthly view to see a five‑week calendar of award prices and filter by fare class.
– Select the flight and continue through Iberia’s booking flow. Economy availability is widespread; premium economy is good; business-class awards are limited but excellent value when available.
How to get the Avios
– Best current value: transfer Chase Ultimate Rewards to Iberia (20% bonus).
– Other direct 1:1 transfers: American Express Membership Rewards, Bilt Rewards, Wells Fargo Rewards.
– Avios move fairly freely among Avios-using programs. You can convert Citi ThankYou or Capital One miles to Iberia Avios indirectly via partners (e.g., Citi→British Airways, Capital One→Qatar then to Iberia).
– Always confirm award availability on Iberia before transferring points — transfers are irreversible.
Credit cards with large welcome offers (examples)
– Chase Sapphire Preferred® Card: 75,000 bonus points after $5,000 in 3 months.
– Chase Sapphire Reserve®: 125,000 points after $6,000 in 3 months.
– Ink Business Preferred® Credit Card: 100,000 points after $8,000 in 3 months.
– American Express® Gold Card: targeted offers may be as high as 100,000 Membership Rewards after $6,000 in 6 months (offers vary).
– Wells Fargo Autograph Journey℠ Card: 60,000 bonus points after $4,000 in 3 months.
Bottom line
If you want to visit Spain and have transferable points (or can earn a big welcome bonus), this Iberia Avios pricing — especially with a 20% Chase transfer bonus — makes Madrid trips very affordable. Economy award space is plentiful; premium-economy and business awards are rarer and will disappear fast, so act quickly if you find seats that fit your plans.
Editorial note: Offers, availability and transfer bonuses change; verify all details with issuers and Iberia before booking.