redeem

/ri'di:m/
Verb
  1. convert into cash; of commercial papers
  2. pay off (loans or promissory notes)
  3. exchange or buy back for money; under threat
  4. to turn in (vouchers or coupons) and receive something in exchange
  5. restore the honor or worth of
  6. save from sins

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redeem
She redeems her coupon at the grocery store checkout.