The offer terms and conditions note that "Transfers should be complete in 4 to 7 days." But, don't fret if you're in a hurry to book. American Express Membership Rewards points typically transfer instantaneously to Iberia mileage accounts. Just make sure that you really want to move the points over, as transfers can't be reversed.
Is It Worth It?
TPG doesn't list Iberia Avios in his monthly points/miles valuation series, but there are two good uses for this rewards currency.
First, you can transfer Iberia Avios to British Airways at a 1:1 ratio — but only if both your Iberia and British Airways accounts have been open for 90 days and both accounts have had some sort of activity in that time. If you aren't limited by these transfer restrictions, Iberia Avios can be effectively valued at the 1.5 cents (our current estimation for British Airways Avios).
Meanwhile, TPG values Amex Membership Rewards points at 1.9 cents each. At the standard transfer ratio of 250 MR:200 Iberia Avios, it usually doesn't make sense to transfer Membership Rewards points over. But, at the 250 MR:300 Avios transfer rate, you're getting a more even trade of value.
Alternatively, you can utilize Iberia's distance-based award chart, which has some sweet spots that the British Airways' distance-based chart doesn't.
For those looking for short-haul domestic flights on American Airlines, Iberia's Avios program can come in handy. For flights under 500 miles, 7,500 AAdvantage miles or 7,500 British Airways Avios each way sounds pretty good. But, Iberia's distance-based chart is even better. For round-trips that total less than 1,000 flight miles, you'll pay just 12,000 Iberia Avios round-trip (or 11,000 Avios if the round-trip is under 600 miles total).
Plus, Iberia doesn't price each leg separately, so short connecting flights can price out much cheaper than they would with British Airways. This is great news for those who live a short hop away from an American Airlines hub.
For example, American doesn't have a nonstop flight from Austin (AUS) to Atlanta (ATL). Using British Airways Avios, you'd end up paying 30,000 Avios for the round-trip connecting through Dallas (DFW). Meanwhile, Iberia prices this route based on the ~1,800 flight miles round-trip, so the award flights will cost 17,000 Iberia Avios — or just 14,250 Membership Rewards (with a few Avios to spare). Even if the origin or destination is on the American Airlines' reduced mileage award list, this round-trip would cost 17,500 AAdvantage miles (before the 10% rebate).
Bottom Line
If you're willing to pick through the Iberia program for some sweet spots, this Membership Rewards to Iberia transfer bonus can come in handy. Take a look at Iberia's mileage-based chart and your travel plans to see if this transfer bonus will make sense for you.
Are you planning on transferring points during this bonus?
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