I want to create a promotions page that displays all my sales items but I don't want to display items from my clearance category as i have a seperate page for clearance items.
This is not at all easy to do! I'm assuming you've already created the promotions page with a custom template and modified the [%thumb_list%] tag?
There isn't a way to directly exclude a category. The only approach I can think of is to use the filter_exsku parameter to remove a list of SKUs known to be in the clearance category. You'd have to create this list using [%set%] and another [%thumb_list%] tag. It also looks like filter_exsku doesn't take a comma separated list so this might not even work!
Unfortunately you'll need extensive knowledge of B@SE or a developer keen to try a particularly tricky problem.