This is a real WOW fare. We are big fans of Premium Economy as it bridges the divide between Business, which for most of us is unaffordable for leisure trips unless you are very clever with your air miles, and Economy. So when a fare like this comes up, we get very excited.

We get even more excited, in fact, when it becomes available on a legacy carrier with a good reputation. This Premium Economy fare is an American Airlines fare, but you will actually fly on an AA code-shared Iberia plane (admittedly the title of this article is confusing as a result!).

We know this because American Airlines operates New York JFK – Madrid with Boeing 767s delivered between 1993 and 2003 and which are due to leave the fleet. These planes don’t offer premium economy.

The great thing is that even though you will not be flying on American, you can collect American Airlines AAdvantage miles on this flight because of the codeshare, just as if you are flying AA Premium Economy!

Iberia flies non-stops between New York JFK and Madrid and there are currently seats available in premium economy for just $833 roundtrip. If you book these flights as American Airlines codeshares you can get the price down to $813.

Travel is permitted in both directions October 28 – December 15 and December 24 – April 6. 28 day advance purchase required with a 3 day minimum stay. There is a $275 change fee.

If you want a cheap but luxury hotel to stay in, we are launching a superb luxury stay in Madrid next week in our travel auctions, which are one of the best-kept secrets in the world of luxury travel. Take a look around and pick up a bargain.

I found this fare on View From The Wing who say that while you’re looking for this fare you may come across an even better Delta Premium Economy fare. Don’t book the Delta fare as it is just “Comfort+” with extra legroom coach seating which is not the same.

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