Rebate

Part of speech: noun, verb

Pronunciation: /ˈɹiːbeɪt/

Definitions

1. A partial refund or reduction in price given after a purchase has been made
2. A sum of money returned to a buyer after payment as compensation ; a discount granted before payment to lower the purchase cost
3. An amount refunded to a customer following a sale to reduce the effective price paid ; a price reduction provided upfront to encourage purchase

Etymology: The word "rebate" began as a fencing and building term before it ever meant money handed back. It comes from Old French "rabatre," literally "to beat back," formed from "re-" (back) and "abatre" (to beat down or knock down), the same stem that gives English "abate." A "rebate" was originally a groove cut into the edge of a board or frame so that another piece could fit into it, a sense that survives in carpentry today. The leap to money came through the idea of reducing or knocking something back. Once a sum was "beaten back" from its full amount, the reduced figure became the rebate, so the word came to mean a deduction or partial repayment. The English sense of a partial refund is therefore a financial extension of the notion of taking something off a total, not a direct description of giving money back.

Synonyms: discount, refund, deduction, rebate, credit

Antonyms: surcharge, increase, addition, markup, premium