Yes, you need to make a new app update. I just emailed Apple yesterday and they replied today, saying I would need to. I have around 11 apps on AppStore, all are games, which I won't need to update, unless if I have a new language to add, which is rarely happened. Tbh I don't want to touch them and cause any issues. Anyway, I talked to some other dev friends and all said they won't update them as well.

Same problem. I tried to use the card I used last year (which already past through without CVV last year), and using Safari as well but no luck. Last year at least when I used another card at first I still got the email saying the payment didn't proceed well, but this time there's no error message. I simply found out that the renewal was failed from apple order list. Support from support form (about account renewal) only saying that the payment cannot be proceeded, and my reply after that doesn't get any response at all.