Short answer
Your plan is paused and your next order won’t ship until the payment goes through. Update your card and the charge retries automatically the next day.
If a payment fails, your plan is paused and your next order won't ship until the payment goes through. You'll get reminders to update your card.
Once you add a new card and set it as primary, the charge retries automatically the next day. When it goes through, your plan is restored. You don't need to do anything else.