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The word "redeemable" is correct and usable in written English.
You can use "redeemable" to describe something that can be exchanged for something else of equal value (i.e. a voucher, gift card, coupon, etc.). For example: This coupon is redeemable for 10% off your purchase.
Dictionary
redeemable
adjective
Capable of being redeemed; able to be restored or recovered.
synonyms
Exact(60)
The cancelled check was redeemed for 15 cents and returned to the pries All cancelled checks are redeemable at that price.
The prize is non-exchangeable, non-transferable and not redeemable for cash or any other prize.
Otherwise, you can buy gift certificates redeemable against any of our courses – it's the voucher you can give and still look thoughtful.
Each player was given a number of virtual tokens, redeemable for money at the end of the game.
They resemble, in fact, the pernicious system of "truck" abolished in Britain in the 19th century, in which factory owners paid their workers in tokens, redeemable only for an overpriced selection of goods on sale at a company shop.
It will, in effect, have secured for itself a cheapish source of deposits, redeemable for a car, as production allows.
Deposits remain redeemable at par until the bank locks its doors.At different points during the course of the 20th century, rich-country governments decided that banks were too vulnerable to this danger.
And just as casinos offer free accommodation and meals to big players, ADWs offer redeemable reward points as an added incentive.Punters in Britain and Australia have an even more attractive option: betting exchanges.
The credits will be redeemable for sessions at sports centres, dancing lessons and other worthy pastimes.This is a prime example of the government's favourite approach to public policy: interventionist, but delivered through a market mechanism.
For example, a restaurant might sell vouchers that are redeemable only on Tuesdays, thus filling tables on a quiet night.
Many still worked the same cotton fields where their slave-ancestors had sweated, were paid in scrip redeemable only at extortionate plantation-owned stores, and ended each year deeper in debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com