Iberia is offering a 25% discount on award flights to Madrid:
You can transfer AMEX, Chase, or Starpoints to Iberia Avios.
You can also transfer British Airways Avios into Iberia Avios, but both accounts have to have been open for 90 days and both accounts must be active. Transfers from AMEX or earning miles from other sources activate an account. You can combine points via this link via the BA site. Sometimes that link doesn’t work so you can also try this link on the Iberia site to combine points. If you don’t have an account it’s a good idea to open one now here to allow you to make transfers in the future.
Taxes and fuel surcharges are far more reasonable with Iberia Avios than British Airways Avios:
JFK-Madrid in coach is 25.5K Avios+$193:
JFK-Madrid in business is 51K Avios+$218: