app store wont let me download without adding payment

I passed an iPhone down to a family member and completely forgot to wipe it! They tried to purchase subscriptions under my card but thankfully my bank flagged it and didn’t let the purchase go through. That subscription is now pending and when I try to download something on my new iPhone it says I need to update payment. I’m scared if I update the card the subscription will go through. Is that why it keeps asking for a new form of payment? Is there any way to cancel the purchase? I canceled the subscription through the settings on my iPhone.