I work for a software company with a subscription model. We try renewals once at Day -7, and again at Day -1 (and we only recently added the latter). From there we move to manual recapture (stop hitting your card, and try to get in touch to see if you really want to renew your subscription).
We were recently acquired by another subscription business, and learned that they try your card something like six times, and then turn it over to a service to keep trying.
Point being there is a range. Some states (VT and one of the Dakotas) have regulated this, but in most cases it’s up to the company. We lean toward not irritating our customers, but others take very different approaches.