Yes,
Using openAI’s services, including the GPT-4 api, are payed services, meaning that it requires you to bind your credit card.
OpenAI does give you a small amount of credits that will expire after a period, you will have to pay for the service if you intended to keep using it at that point.
Keep in mind that chatGPT plus and API access are two different products, purchasing one does not grant you access to the other. When you subscribe for API access, OpenAI will add a pending charge to your credit card, the $5 pending charge you see after updating your API payment method is a temporary authorization hold on your credit card, you will only be charged according to your usage.
I hope that helps 