Here is the section from the 1948 Postal Laws and Regulations volume:
The important portions are near the end of paragraph (c):
"redeemed ... 75 percent of the face value of the postal cards",
and
section (d) spanning the two scans:
noting redemption of cards with printed matter "only from the person who purchased them at a post office or whose printing appears thereon."


Here is the front/back of a redeemed card which was on the top of a stack of 100 cards, thus the "100/75c" accounting notation showing the redmeption value of 75 cents for 100 cards. The date and message would indicate redemption for both reasons of a rate change (Jan 1, 1952) and an expired offer.

