I figured it out. I intentionally turned off my credit card info on my account, trying to make sure the $25.00 gift card I applied on my account would take the renewal, and not charge a credit card. But Support told me you must have a credit card active on your account, and it should still take from my existing account balance. It did...my $25.00 already on my account paid for the iTunes Match renewal and my card wasn't charged.
iPhone 5, iOS 7.1.1, iTunes Match