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Iberia is offering one of the most lucrative airline promotions that’s come around in a long time. Until June 24, the airline will give you 9,000 Avios for any purchased flight operated by Iberia, Iberia Express or Iberia Regional Air Nostrum — either one-way or return — up to 90,000 Avios.

Through June 24, you can earn 9,000 Avios for each ticket purchased on Iberia.com. The Avios will be awarded to your account within 10 days of the ticket purchase. Throughout the entire promotional period, you can earn a maximum of 90,000 Iberia Avios — by purchasing a maximum of 10 tickets.

While the 90,000 Avios are worth a lot on their own, what makes this promotion even more valuable is that the terms and conditions are very generous. The Avios are awarded to your account within 10 days of purchasing the ticket — not within 10 days of flying. So, you could purchase 10 cheap one-way tickets at once by June 24 and, within 10 days, get 90,000 bonus Avios.

Iberia says that if the customer decides to refund the ticket, the Avios will be withdrawn from their account. However, the terms say that if the customer buys the ticket and doesn’t fly, “he will be able to keep those promotional Avios.” So, theoretically, if you miss your flight, you’ll be able to keep the Avios.

Additionally, Iberia Plus Card holders will get the 9,000 bonus Avios per booking even if they’re with other carriers (like British Airways) — as long as one booking is made with Iberia, Iberia Express or Iberia Regional Air Nostrum. You can find the terms and conditions and book here.

The only major restriction mentioned in the terms and conditions states that the Avios earned as part of this promotion must be redeemed by December 1, 2018. If the up to 90,000 bonus Avios aren’t redeemed by that date, they’ll be removed from your account. In addition, the promotion is only available if you’re buying tickets through Iberia.com in the following countries: Spain, France, Italy, Germany, Portugal, Russia, United Kingdom, Switzerland, the Netherlands, Brazil, Argentina, Colombia, Chile, Peru, Mexico and the US, regardless of the origin of the flight.

Be forewarned that this promotion is extremely generous, almost too generous, and TPG Senior Points and Miles Contributor Richard Kerr has expressed deep misgivings about whether it will be honored by Iberia in the end. Consider the risks involved before you pay for flights that you don’t intend to use just to potentially earn bonus Avios that definitely come with a set expiration date.

If you do feel the risk is acceptable, how do you take advantage? To make it easy, there is no registration required. Instead, you’ll just need to make sure your Iberia Plus number is entered when you make the new reservation.

Maximize This Promotion

Where this promotion can be maxed is when buying cheap tickets. To search, go to Google Flights and use the explore function for flights departing from Madrid (MAD), which is Iberia’s home. Then, separate the results by carrier to Oneworld and take a scan around the map. Some of the cheapest are from Palma de Mallorca (PMI) to Madrid (MAD) — for just $35 one-way. So, you could purchase 10 of the $35 tickets for $350 and get a whopping 90,000 Avios in return.

Iberia Avios are different than British Airways Avios, but there are some sweet spots. You can book off-peak flights to Europe in Iberia’s premium economy for just 25,500 Avios one-way, and you’ll generally pay much lower taxes and surcharges when booking through Iberia. Some reports suggest that you might not be able to transfer these Avios to British Airways Avios or it’ll result in a negative Iberia balance. However, typically, you can also transfer Iberia Avios to British Airways Avios (1:1) to utilize the sweet spots that mileage-based program.

Additionally, Iberia sometimes offers promotions — such as flying in lie-flat business class from the US to Europe for 25,500 Avios. Last year TPG Contributor Eric Rosen reviewed Iberia’s business class on the A340-600 between JFK and Madrid and wrote that “the seats were comfortable for working, eating and sleeping, and I managed to get as much rest as possible. The entertainment system was quite good and easy to use and the service was charming.”

If you’re intrigued by this offer, be sure to act quick. It’s only valid for tickets purchased by June 24.

This story has been updated to reflect the potential risks involved in this promotion, as written about by TPG Senior Contributor Richard Kerr.

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