iCloud storage
needed to update my payment method for 200 GB storage as the old method failed
checking when will the money be deducted?
iPhone 7, iOS 14
From the below I would suspect almost immediately:
How App Store and iTunes Store purchases are billed. Click here --> https://support.apple.com/HT201359
If there's a problem with the primary payment method, or if the primary payment method can't be charged for the full remaining amount, Apple attempts to charge your other payment methods in order from top to bottom. If none of them can be charged, Apple may try again.