Failed iCloud Storage payment due to insufficient balance

Read this next section in Apple's very own words.

https://www.apple.com/legal/internet-services/icloud/en/terms.html

III A. "The applicable storage fee for an upgraded storage plan will take effect immediately; downgrades to your storage plan will take effect on the next annual or monthly billing date. YOU ARE RESPONSIBLE FOR THE TIMELY PAYMENT OF ALL FEES AND FOR PROVIDING APPLE WITH VALID CREDIT CARD OR PAYMENT ACCOUNT DETAILS FOR PAYMENT OF ALL FEES. If Apple is unable to successfully charge your credit card or payment account for fees due, Apple reserves the right to revoke or restrict access to your stored Content, delete your stored Content, or terminate your Account. If you want to designate a different credit card or payment account or if there is a change in your credit card or payment account status, you must change your information online in the Account Information section of iCloud; this may temporarily disrupt your access to the Services while Apple verifies your new payment information. We may contact you via email regarding your account, for reasons including, without limitation, reaching or exceeding your storage limit."

However, if you haven't lost anything yet then Apple may have an unofficial grace period and I would recommend getting your payment method back in working order ASAP or investigate adding balance that can be charged.

Read the links below about various ways to pay for items in the iTunes and App Stores.

- Add a payment method such as a credit or debit card to your account. See this link about 'Payment methods that you can use with your Apple ID' --> https://support.apple.com/HT202631 then see this link about how to 'Change, add, or remove Apple ID payment methods' --> https://support.apple.com/HT201266

- Add funds to your Apple ID balance - "Use a payment method, such as a credit or debit card, to add funds to your Apple ID balance." This takes the previous payment method one step farther by optionally using it to irreversibly add balance to an Apple ID instead of having the card charged each time.

Click here --> https://support.apple.com/HT208687

- Create and add money to an iTunes Pass - "At Apple Stores and select retailers, you can add store credit directly to the Apple ID that you use for App Store, iTunes Store, and iBooks Store purchases." - https://support.apple.com/HT203021

- Redeem your App Store & iTunes Gift Card --> https://support.apple.com/HT201209