Plus a little-known loophole that yields big First Class upgrades

Best Fares: Christmas

Continental started the slashing, as usual, with fares as low as$1,300 (reg. $3,000+) round-trip from New York to London,Paris, Rome and many other cities. Fares from the mid west have dropped to $1,500; west coast fare discounts start at$1,700, but are available from fewer departure cities. American Airlines is matching in many markets.

‍Validity: Restrictions vary by airline, but here is a general guide: Outbound travel must commence Dec. 16 through Jan. 5; return travel is permitted Dec. 23 through Jan. 11, 2007. Bookings must be made by Dec. 6; a 30-day advance purchase required.

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American/Cathay Businessto First Upgrade Yields Unbelievable Return

American won’t let its own AAdvantage Members upgrade its heavily restricted,New York-London $1,300 Business Class fare to First Class; but with 45,000 Cathay Pacific Asia Miles, you can. (Regular First Class price: $11,530.) Even more astonishing is that using AAdvantage miles you’d have to pay more than 250% more for an upgradeable Business Class fare and spend 5,000 more miles than you have to with Cathay Pacific.(Star wood Hotels Star points are transferable to Asia Miles.) We called American and found that availability of First Class seats via upgrade of the $1,300 ticket is still decent.

British Airways First Class Upgrades

The cost is 50,000 BA miles round-trip, valid with winter fares as low as $2,100 from New York. This is second only to American’s aforementioned upgrade—it nets you a First Class seat that otherwise sells for $13,434.

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Best Seats: British Airways has launched its own fare sale to London, but prices are higher reflecting less need and inventory to discount as Business Class seats are better than most. Fares start at $2,100 (reg. $3,354) from the east coast and $2,800 (reg. $4,294) from the west coast. Virgin Atlantic with the best seats around—is matching BA across the board. Note: With the BA fares, the maximum stay is an unusual 12 months.Three-week advance purchase required; outbound travel Dec. 16 to Dec. 31.

Best Fares: Thanksgiving

While Continental has pulled its lowest fares (previously announced), British Airways and Virgin haven’t flinched from their holiday fares. American and Continental are matching the fares starting at $2,100.

Validity: Departure dates vary but are in the neighborhood of Nov. 18 through Nov. 25. A 21-day advance purchase is required.

Everyone Else

Lufthansa is heavily promoting its sale, but the discounts only amount to a few hundred dollars. Fares start at $2,500 from the east coast. Star Alliance buddies United and US Airways are matching. Return travel deadline: Feb. 7, 2007.

Mileage Runs

These fares come out at the right time for those who have to requalify for elite status between now and the end of the year. See more sample fares on page 7 for some of the best fares going.