Icloud Storage

Monthly only. See the payment rates in the support document here.

Niel, won't the value of a redeemed gift card be used for the first purchase by an Apple ID - music for example - and therefore be whittled away if the intention is to set aside the cost of the monthly iCloud storage fee over the course of a year?

You can, by using iTunes Store gift cards to prepay the charges.

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Yes, but the cards don't need to be redeemed until just before the payments come due.

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