Originally Posted by guv1976

We still don't know whether the OP lives at an AA hub or an AA spoke; whether he is looking to fly domestically or internationally; whether he wants to fly in Coach or in premium cabins; etc. All of these things can affect which Amex transfer partner is best for redeeming for travel on AA.

BA or IB Avios can offer very good value for travel on IB for nonstops from the U.S. to Madrid. BA Avios can also be transferred to Finnair Plus, which offers decent redemptions on AA between the Mainland U.S. and the Caribbean, Central America, and Hawaii.