Not able to renew my apple payment method

We are not apple support, we are fellow apple users trying to help eachother on this user to user forums

See this on how to update your payment method

1. Open the Settings app.
2. Tap your name.
3. Tap Payment & Shipping. You might be asked to sign in with your Apple ID.
4. If you need to update the billing information of an existing card, tap the payment method, then tap Edit.
5. Enter your new billing information, then tap Done.

If this is not working you might want to get in to contact with apple support directly: Contact - Official Apple Support

See this article for information about updating payment methods on various platforms (iPhone, Mac, etc.): If you need to change or update your Apple ID payment method - Apple Support

Here is how you update your payment method on an iPhone or iPad:

1. Open the Settings app.

2. Tap your name.

3. Tap Payment & Shipping (formerly Media & Purchases). You might be asked to sign in with your Apple ID.

4. Tap Add Payment Method, enter the new payment method, then tap Done.

5. Tap Edit.

6. Tap the red delete button next to the old payment method, then tap Delete.

Also note:

1) ”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.

2) “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."

If an app or feature on your device is not working, not appearing, or is restricted (grayed out), it may have been disabled using Screen Time, or by an IT administrator if you are using a device owned by an employer or educational institution.

- Read this support article If your Apple ID or other options are greyed out in Settings —> If your Apple ID is greyed out in Settings - Apple Support

Tap Settings > Screen Time > Content & Privacy > scroll to Allow Changes and turn on.

- If the device is managed (Settings > General > VPN & Device Management), contact the IT department that is doing the managing.

Note that your payment method only applies when you are not part of a Family Sharing group unless you are the organizer. Adding one now and then joining the group again will not result in the payment method being used. Unless you plan on staying outside any group, what you just did served no purpose.