Doesn't mean they don't tabulate and send a little bill to Chase every month.
Chase pays CO for the P-club membership (you get the standard PC membership card separately
FEQM cost something.... but remember, aside from MM status, unless you are close EQM don't mean anything. If you're at 73k, 2k FEQM have a cost to CO, if you're at 55k you'd need to spend 100k to get the FEQM to move up. If you're a plat anyways, they don't cost CO anything really... In fact I'd say the only time they make a material difference is if you're in the silver-gold space where they might have to provide more benefits and 100% RDM bonus.
They are likely simply agreed upon, but I'm not sure that they are more expensive for chase.