"To redeem an award" means to exchange or trade in a previously earned or won award in order to receive some kind of benefit, such as a prize or reward. Full definition
However, credit card companies have made it a lot easier to redeem award flights by offering 1:1 point transfers (or even higher than 1:1). (cardometry.com)
As a result, if you are able to redeem award tickets on partner airlines, you will save the fuel surcharge. (creditwalk.ca)
There are also «redemption partners» — which are airlines that have a special agreement for their members to be able to redeem awards on the other airline. (milestalk.com)