Charles Spurgeon preached, "Our great redemption is in the covenant, but we have no redemption except through His blood." Redemption is by faith in the Lord Jesus Christ. The word redemption means to pay the price to set prisoners free. The price has been paid to set every believer free from the curse of the law (Galatians 3:13). Our sin debt was paid in full. God redeems us at the cross of Jesus (1 John 1:7).
God foreordained our redemption before the foundation of the world (Ephesians 1:3-4). In Bible days, covenants were made based upon the shed blood of a sacrificial animal. God redeems us based upon the sacrifice of Jesus at the cross. In the eternal plan of God, Christ is the Lamb slain from the foundation of the world (Revelation 13:8).
Redemption is in Christ alone. We are not redeemed by what we have done, but what God has done for us in Christ. It is a unilateral covenant, not based upon our promises nor our works (Ephesians 2:8-9). To the contrary, we are redeemed according to God's promises in Christ (2 Corinthians 1:20).
Redemption is received by faith in Christ our Lord. Christ is our righteousness (2 Corinthians 5:21). What God commands of us, Christ provides for us. The Holy Spirit gives us faith as an abiding gift to trust in Christ. God credits to every believer the righteousness of Christ. Redemption is in Christ as our covenant Shepherd (Hebrews 13:20-21).
