25% Off Iberia Flights With Amex, Includes Cheap Thanksgiving Business Class ($1,280 total JFK-MAD!)
Update: Some offers mentioned below are no longer available. View the current offers here.
I'm usually skeptical of "special discounts" on airline fares, because I feel like they always restrict the cheapest fare classes, thus negating most of the value of the discount. However, I was happily surprised when I researched the current 25% Off Iberia fare sale when you use an American Express card until 10/31/11.
To test it, I priced out a business class fare during the discounted Thanksgiving weekend. For JFK-MAD November 25-29 the regular fare came to $1,495.10, which is pretty good in itself.
With the 25% off the fare dropped to $1,280.10, which is pretty incredible for roundtrip, total JFK to Madrid (7,177 miles roundtrip). These are I fares, which earn 100% base miles, 25% class of service bonus, 1.5 EQPs and any elite bonuses.
Plus, this would qualify for the current Oneworld transatlantic bonuses that AA is offering (25,000 bonus miles for first trip). Also, you get 3 points per dollar on airfare if you book this using your Amex Premier Rewards Gold card, which is another easy 3,600+ points.
Many of these flights are actually on AA 757's which aren't the best and certainly not the worst. For my recent review of JFK-MAD on AA in business class check out this post.