The Chase co-branded British Airways Visa has announced a new benefit:

Redeem for 1 travel for 2
Every year you spend $30,000 you will receive a redemption voucher for a ticket for a companion valid for 2 years. Redeem your BA Miles for a British Airways flight and take anyone with you on the same flight, in the same class of service.

(There’s a website for the offer — http://www.ba.com/redeemfor1travelfor2 — that isn’t live yet.)

Two first class award tickets for the price of one is huge, even with British Airways’ inflated award chart.

This new benefit is on top of the new benefit that I mentioned a couple weeks ago where all spend on the card would earn 1.25 miles per dollar instead of the standard 1 mile per dollar.

So you’ve got a 25% increase in earning, and once a year (if you spend $30k on the card) a 50% discount on burning. That’s a real value proposition.

(Via Lucky.)