Definition of rebate

The word "rebate" has a fascinating history! It originated in the 14th century from the Old French word "rebattre," which means "to cut back" or "to reduce." In the context of trade, a rebate referred to a reduction or concession made by a seller to a buyer. This could include a discount on the original price or a return of part of the purchase price. Over time, the term took on a broader meaning, encompassing not only commercial rebates but also rebates in other contexts, such as government policies or rebates in the context of taxes. Today, the word "rebate" is used globally to describe a wide range of reductions or refunds, from cashback offers to tax credits.