Equity clubs
Members own the club. Part of initiation can buy an equity share, which may be partly refundable on resignation depending on the bylaws.
National clubs
Members typically live far away and play a few times a year. Initiation is usually a non-refundable joining fee and dues are often lower than at local clubs.
Costs beyond dues
Ask about capital assessments, food and beverage minimums, locker fees, caddie programs and any planned course renovation. These can add meaningfully to the yearly cost.