Avios, the frequent flyer scheme used by both British Airways and Iberia (One World airline partners) offers fantastic value on short-haul business class flights. This is especially true in Australia where flights from Sydney to Melbourne for example, can be had for just 9,000 Avios.
Right now Iberia is selling Avios with a 50% bonus from April 8th to 24th, and they've also increased the purchase limit to 200,000 which works out to be 300,000 when you include the 50% bonus (up from 100,000 before bonus miles) per year.
The minimum amount is 2,000 points. Keep in mind that the transaction will be in Euros so make sure to use a card that does not attract foreign exchange fees (I recommend the ANZ Adventures card, it earns points and has 0% FX fees unlike all other major cards)
Cheap Business Class With Qantas
At this price point you're buying business class tickets from Sydney to Melbourne for only 128 euro or roughly AU$200 on Qantas (since you can easily redeem Avios points for One World partner airlines).
Considering Qantas doesn't give you much change on $700 for a one-way flight, $200 is a bargain in my book.
Even in economy, you're looking at a reasonable price, only 4,500 points are needed between Sydney and Melbourne for example.
European Short Haul Business Class
Another great use of Avios is short intra- Europe flights in business class. The cost is also 9,000 and although the European business class is really just economy with a spare seat in the middle and better catering; what you pay for is the lounge access and fast track security.
Asia Short Haul Business Class
The same goes for short haul flights within Asia on Cathay Pacific in business class. Many destinations can be had for just 15,000 Avios such as Hong Kong to Ho Chi Minh City or Singapore to Bangkok. Most of these flights are also operated with international config business class, which makes it even better.
Transferring Iberia Avios to British Airways
Transferring points from Iberia to British airways is straightforward (keep in mind your accounts need to be 90 days old + you need account activity) but Iberia have hidden the transfer page pretty well.
If you already have points in British Airways, it makes sense to consolidate your balance. Apart from that, it really depends on what you're looking to book. On certain flights, Iberia has lower taxes and vice versa. Overall, the British Airways website is a much better user experience.
Transfer Iberia to British Airways
1) Hover over the "Iberia Plus" tab and click "Buying or transferring Avios."
2) Ignore everything on this page and scroll right to the bottom. Look for a plain text link that says ”Don’t forget you can combine your Avios with those of other customer loyalty programmes”.
Click this link and follow the steps to complete the transfer.
Voila! Your points are now merged!