Real Dictionary

redeem
verb: If you redeem a debt or money that you have promised to someone, you pay money that you owe or that you promised to pay.
verb: If you redeem an object that belongs to you, you get it back from someone by repaying them money that you borrowed from them, after using the object as a guarantee.
verb: If you redeem yourself or your reputation, you do something that makes people have a good opinion of you again after you have behaved or performed badly.
verb: In religions such as Christianity, to redeem someone means to save them by freeing them from sin and evil.
verb: When something redeems an unpleasant thing or situation, it prevents it from being completely bad.

redeem in American English
to buy back
transitive verb: to buy or pay off; clear by payment

redeem in British English
to recover possession or ownership of by payment of a price or service; regain

redeem in Finance
verb: If you redeem a bond or mutual fund shares, you get the principal or cash back from it.