When you have a Chase Sapphire Preferred Card, a Sapphire Reserve or Chase Ink Business Preferred Credit Card,
you can transfer your points to airline miles or hotel points. If you have other Ultimate Rewards-earning cards you can transfer them to your Sapphire Preferred or Ink Preferred cards and onto miles as well.

The transfer partners have been:

• Airlines: United, British Airways, Korean Air, Air France KLM, Southwest, Singapore, Virgin Atlantic
  
• Hotels:Hyatt, Marriott, Ritz-Carlton, IHG

Chase has just added two transfer airline partners (HT: IadisGr8): Air Lingus and Iberia.

These are both Avios programs, and you already could transfer from Chase to British Airways and from British Airways to Iberia or Aer Lingus, however to do so your Iberia or Aer Lingus account had to:

1. Have been open for 90 days
   
2. Have had some points-earning activity

Chase’s move to add both Iberia and Aer Club means you no longer have these restrictions. I haven’t found Aer Lingus Aer Club to have usefulness beyond what British Airways and Iberia offers, it seems like they built Aer Club to eventually just be folded into a broader Avios program. However there are real sweet spots in the Iberia program.

• Low fuel surcharges redeeming on Iberia flights. If you use British Airways Avios for Chicago – Madrid roundtrip you’ll pay $956 in fuel surcharges. Using Iberia points instead it’s under $150.

• Cheaper awards. Boston and New York – Madrid costs just 34,000 points each way in business class outside peak season using Iberia. Miami costs just a bit more. You save miles and money booking through Iberia.

Iberia Business Class

Here are the Iberia metal off-peak and peak award chart prices:

I’ve had great success using Iberia Avios to redeem business class travel on Royal Air Maroc for 94,500 miles roundtrip.

I find their American Airlines redemption chart useful as well. Here’s the pricing:

Chase Sapphire Preferred Card
Chase Ink Business Preferred Credit Card