How to cancel the payment method?

Changing a payment method is described in this article:

If you need to change or update your Apple ID payment method - Apple Support

You must have at least one payment method on file, in order to change another one.

Remove a payment method from your Apple ID - Apple Support

You can also use Apple Gift Cards and Apple ID Balance as a payment method, if you don't want to add another credit card.

What you can buy with your Apple Gift Card or Apple Account balance - Apple Support