One of the best deals in points and miles just got even better.
Iberia is running an amazing promotion, slashing award rates across the board by 50%. And that means you can fly Iberia business class to Madrid (MAD) for as low as just 17,000 miles each way – or pay that rate to fly economy round-trip. Iberia runs these promotions every so often; it was first reported by One Mile at a Time.
But you have to book by Aug. 30, so you've got just a few days left to score these amazing rates.
There's one potential problem here: It's only valid for travel through March 15, 2021. Europe is still closed to American travelers, and there's no certainty that will change even by March. That means booking these flights could be a gamble.
But that may be a gamble worth taking, because canceling these tickets to get your miles back is easy. Iberia charges a flat $40 redeposit fee per ticket. That means you could lock in these dirt-cheap award rates for the winter thanks to some excellent award availability on Iberia, hope for the best, and get your miles back if the situation doesn't improve in time.
Read our full review of flying Iberia business class from Chicago-O'Hare (ORD) to Madrid (MAD)!
These half-off rates should apply automatically at checkout so long as you're traveling between Sept. 1 and March 15, 2021. A one-way flight to Madrid will get hit with about $70-$80 in fees, while a round-trip booking will cost you up to $200 in fees. That's more than reasonable – especially compared to what other major Europeans charge in fees.
Oh, and paying just 17,000 miles for a business class ticket? That's priceless.
How to Book
Booking this deal works the same way as booking any Iberia award ticket – your 50% discount will apply automatically. But to do it in business class for just 17,000 miles each way, you'll need to start from the right spot.
Iberia’s distance-based award pricing system means you have to start your journey from the East Coast hubs of Boston (BOS), New York City (JFK), or Washington, D.C.-Dulles (IAD). Luckily for Midwesterners, Chicago-O’Hare (ORD) works at this price, too. Departing from other Iberia outposts like Miami (MIA), San Francisco (SFO), or Los Angeles (LAX) will cost you more miles.
Thrifty Tip: Don’t live in one of these cities? Use a positioning flight to get there and then book your flights to Spain separately.
It should be fairly easy to find dates with award availability through mid-march, thanks to some wide-open award space on several U.S. routes to Madrid. Use the multi-city search trick to access American Airlines' old award search, filter for these nonstop Iberia flights, and easily scope out your options.
There are plenty of dates with two (or more) business class seats available from Chicago to Madrid
From there, just head over to Iberia.com, log in to your Iberia Plus account, click “Book Flights with Avios” and punch in your dates to find the availability. The price will initially display at 34,000 each way for business class, but it'll drop by half once you select a flight.
Of course, maybe Madrid isn’t your bag – though it should be. But Madrid is well-positioned to hop almost anywhere else in Europe, be it Barcelona, Italy, Paris, or farther into great Eastern European hotspots. Just book a separate flight and continue on your way.
There's no hiding the fact that this deal is a gamble. There's no guarantee that traveling in Europe will be possible in time to cash in on this promotion.
But it's simply too good to pass up. Most airlines charge 70,000 miles or more each way to fly business class to Europe. With this 50% discount, you could do it round-trip for half that price. And keep in mind you can cancel for $40 per ticket if things don't pan out.
Just be sure to book by Aug. 30 to get these dirt-cheap rates.