And once you qualify, the card is quite expensive. After paying a $7,500 initiation fee, the card comes with a $2,500 annual fee per card, which is more than five times the cost of any other Amex product.Note that I said per card, so if you want one for your spouse, the annual fee jumps to $5,000.fter paying a $7,500 initiation fee, the card comes with a $2,500 annual fee per card, which is more than five times the cost of any other Amex product.