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Yes, it is renewed automatically. At any time you can go to your Settings page to cancel the auto-renewal. Your VIP membership will stop at the end of your current subscription period. Your current paid period is still valid until the next pay day. So there is no need to wait until the next payment date to cancel. :)
VIP auto-renewal cancel page can be reached directly by going to https://www.2redbeans.com/en/app/settings/vip_status