Iberia and British Airways are actually a part of the same company, even though both the airlines have a different set of redemption rules and award charts. Points awarded to customers on airlines are known as Avios. The Avios or reward points of Iberia Airways is considered as more valuable than that of British Airways, particularly when it comes to short-haul partner award flights in the United States.
Iberia airways also offer rewards program and several other options for their valued customers to accumulate Avios points. Just like British Airways, Iberia airways also allow members to opt for the Avios + money options. This, in turn, enables customers to buy extra Avios for cheap prices.
In addition to that, this option also allows customers to save their Avios for another occasion. However, the downfalls are that Avois will expire after 36 months of inactivity and customers will need to call the airline for upgrading a cash fare, as upgrades are not available online.