AFAIK failed payment means that you'll keep your membership status for a couple of days while they try to charge you again. After a few unsuccessful attempts it will simply downgrade you to from expired (still kind of member) to user (non-member) and you can resubscribe after that.
Just wanted to chime in that _08 is correct; once Stripe has sent an invoice out for collection, there's no way for us to recall it, so it'll just keep trying to charge your now-invalid card every couple days. Once the 3rd attempt fails, your subscription will be automatically canceled, at which point you can sign up for the normal membership if you wish.