Iberia Plus is Oneworld's most underrated program for U.S. travelers targeting transatlantic business class. While British Airways Avios are distance-based and charge fuel surcharges, Iberia Plus has its own off-peak award chart for Iberia-operated flights — and the NYC (JFK) to Madrid non-stop in Business Class prices at just 34,000 Avios off-peak. Chase Ultimate Rewards, Amex Membership Rewards, and Bilt all transfer 1:1 to Iberia Plus, and Avios earned here pool across British Airways, Qatar Airways, and Aer Lingus programs.
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Chase UR transfers 1:1 to Iberia Plus. The 60,000-point welcome bonus gets you almost two 34K off-peak business class redemptions — essentially two one-way JFK→Madrid business class awards.