The Collaborative International Dictionary of English v.0.48:

Redeemable \Re*deem"a*ble\ (-?*b;l), a.
   1. Capable of being redeemed; subject to repurchase; held
      under conditions permitting redemption; as, a pledge
      securing the payment of money is redeemable.
      [1913 Webster]

   2. Subject to an obligation of redemtion; conditioned upon a
      promise of redemtion; payable; due; as, bonds, promissory
      notes, etc., redeemabble in gold, or in current money, or
      four months after date.
      [1913 Webster]

WordNet (r) 3.0 (2006):

redeemable
    adj 1: recoverable upon payment or fulfilling a condition;
           "redeemable goods in a pawnshop"
    2: able to be converted into ready money or the equivalent; "a
       cashable check"; "cashable gambling chips"; "redeemable
       stocks and bonds"; "a redeemable coupon" [syn: cashable,
       redeemable]
    3: susceptible to improvement or reform; "a redeemable sinner"
       [syn: redeemable, reformable]

Moby Thesaurus II by Grady Ward, 1.0:

37 Moby Thesaurus words for "redeemable":
   ameliorable, amendable, back, coming, coming to, correctable,
   corrigible, curable, deliverable, due, emendable, extricable,
   fixable, improvable, in arrear, in arrears, mature, medicable,
   mendable, outstanding, owed, owing, payable, receivable,
   reclaimable, recoverable, rectifiable, recyclable, remediable,
   repairable, reparable, rescuable, restorable, retrievable,
   reversible, savable, unpaid