Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
cut-rate is an adjective meaning "costing less than standard price". It carries one recorded sense.
costing less than standard price
“buying bargain-priced clothes for the children”
“cut-rate goods”
Definitions, synonyms and semantic relations for cut-rate come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.