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TeachMeFinance.com - explain Rebate rate historic definition... Rebate rate -- The name given to the rate of drawback or allowance for the payment before maturity (before due) of a time bill of exchange. A deduction is made from the amount of the bill equal to interest at an agreed rate for the unexpired time which the bill has to run. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.