Can I cancel the ICloud any time?
Want to increase back up momentarily just to gurantee all apps etc transfer to new iPhone. So can I cancel the increase storage amount in a week or month?
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It is billed monthly. If you cancel after a week you will still have use of the storage for the rest of the monthly billing period. See the following from Downgrade or cancel your iCloud+ plan - Apple Support
If you downgrade or cancel your iCloud+ plan, the change takes effect after your current subscription billing period ends.1