Check your accounts to see if you are eligible. This promo offer was showing in my eBay account with the promotion period ending 27 May.
Receive 75% off your Final Value Fees per listing on up to 10 items you list and make available for purchase in Auction-style or Fixed Price format on eBay.com.au during the Promotion Period.
You are eligible for this promotion if you have received an email from eBay inviting you to participate in it, if you register for the offer by clicking ‘Take Up Offer’ and/ or the offer appears under “Promotional Offers” in the Selling section of your My eBay account. To check whether you are eligible for the promotion please login to your account and follow the following steps:
Click on "MyeBay";
In the submenu, click "Selling/sold"
Look for "Promotional Offers" and see whether this offer is listed as an active offer.
I think 75% off should be the normal fee.
Almost 11% is crazy, 2.75% is reasonable.