If a charge to your credit card is declined once, your account is put into a seven-day grace period. During that time, you have the ability to log into your account and update the credit card on your account. Once the credit card is updated, your account will be charged the renewal fee immediately.
Note: While you are in a billing grace period you will not be able to perform an online restore. Once your account has been re-activated you will have full access to the online restores again. You will be able to backup your files as normal and the in-client restore option can be used to restore your files in an emergency.