Hi!

Redeem also means to make something or someone seem less bad:
(A poor game was redeemed in the second half by a couple of superb goals from Anthony Edwards.), or it can mean to get something back:
(She managed to save enough money to redeem her jewellery from the pawn shop.).

http://www.dictionary.com/browse/redeem

Redeem basically means exchange.  There are two areas where I hear it frequently used in the U.S.  One is in the area of finance, where it is common to say things like a bond was redeemed (paid off or exchanged.)  The other is within the Christian religion, where versions of the word are often used like ¨we were redeemed,¨ ¨redemption,¨ and ¨our redeemer.¨ I am not sure italki guidelines would allow explaining the religious meaning further, but in my opinion it is one of the more common ways the word is used.