Rebate Meaning and Definition
Rebate
Pronunciation
/riˈbeɪt/
Part of Speech
Noun
Definition
A refund or reduction in price given to a customer, often as a reward for loyalty, a promotional offer, or a gesture of goodwill.
Examples
- The company offered a rebate to customers who purchased a new product.
- I received a rebate check for the insurance premium I paid last year.
Synonyms
- Discount
- Refund
Antonyms
- Surcharge
- Raise
Etymology
The term “rebate” originated from the Old French word “rebatre,” meaning “to counterpoise” or “to balance.” It was first used in English in the 15th century to describe a refund or reduction in price.
Usage Notes
Rebates can be offered by businesses to encourage customer loyalty, promote sales, or to make up for a mistake. They can take the form of a cash refund, a credit towards a future purchase, or a discount on a product or service.
Additional Information
Rebates can be a powerful marketing tool, helping businesses to attract new customers and retain existing ones. They can also be used to drive sales and increase revenue during slow periods. When shopping for a rebate, it’s important to read the fine print and understand the terms and conditions.
Rebates are often used in conjunction with other marketing strategies, such as loyalty programs, promotions, and special offers. By offering a rebate, businesses can create a win-win situation for both themselves and their customers.