re·demp·tion [ri-demp-shuhn] –noun

1. an act of redeeming or the state of being redeemed.
2. deliverance; rescue.
3. Theology. deliverance from sin; salvation.
4. atonement for guilt.
5. repurchase, as of something sold.
6. paying off, as of a mortgage, bond, or note.
7. recovery by payment, as of something pledged.
8. conversion of paper money into specie.

http://dictionary.reference.com/browse/redemption

1) "redemption (uncountable)

- the act of redeeming or something redeemed
- the recovery, for a fee, of a pawned article
- salvation from sin
- rescue upon payment of a ransom"
Source:
http://en.wiktionary.org/wiki/redemption


2) "Redemption may refer to:
In economics:

- Redemption (bonds), the payment of any formal obligation incurred by any institution
- Redemption value, a type of bond

In religion:
- Redemption (religious), a concept referring to forgiveness or absolution for past sins and protection from eternal damnation
- In Christianity, salvation through the payment of a formal obligation by the death of Jesus Christ
- Redemptive suffering"
(and more others in film, gaming, literature, music, television)
Source:
http://en.wikipedia.org/wiki/Redemption


3) "Redemption is a religious concept referring to forgiveness or absolution for past sins and protection from eternal damnation. Redemption is common in many world religions and all Abrahamic Religions, especially in Christianity and Islam. In Christianity redemption is synonymous with salvation."
Source:
http://en.wikipedia.org/wiki/Redemption_%28religious%29


4) "after losing a game of beer pong you before you have to drink all the rest of the beers you say redemption and you get one last chance to make the ball in a cup for them to drink and one less cup for you to drink"
Source:
http://www.urbandictionary.com/define.php

#7

Redeeming your coupons or rebates to realize a savings.

#3

I also have a "Get out of Hell FREE" card!
Looks just like a Monolpoly card. Very convenient!

Mmmmmmm....beer!

http://www.ratebeer.com/.../