If you need to change or update your Apple ID payment method
(Also includes Mac, PC)
See this article about updating payment methods on various platforms (iPhone, Mac, etc.): If you need to change or update your Apple ID payment method - Apple Support
"If you change your address, the credit or debit card information that you use with your Apple ID might be automatically updated by your financial institution, and you don't need to take action. But if there's an issue [such as you having a subscription or being a Family Sharing Organizer], add a new card first, then remove the old card."
It covers anything signed in with your Apple ID, as well as payments charged to you under Family Sharing if you are the Organizer.