This is what Netflix's Terms of Use says, "If a payment is not successfully settled, due to expiration, insufficient funds, or otherwise, and you do not cancel your account, we may suspend your access to the service until we have successfully charged a valid Payment Method.".

A customer will be well within the bounds of the contract if they cancel their mandate through the bank, as long as they also don't expect to have continued access to Netflix.

Even in the US, there is nothing stopping the customer from closing their credit card account, except that it is an unreasonably inconvenient for the customer. It is far simpler and IMO sensible to be able to revoke consent for specific purposes through my payment instrument. So why doesn't the banking system in the US provide this as an universal option to customers? After all, this is exactly what Apple facilitates albeit at a high cost.