In Europe, we don't use chargebacks in most cases. Unless the payment was truly fraudulent (i.e. you cannot get hold of someone who issued the payment or they are not in business of doing things they charged for), you have to use proper legal means of settling the dispute. As you may imagine, the life is too short for things of such kind, especially with multi-billion corps. Anyway, dug up the email:
Please note that all payments are due in full on the monthly anniversary date. Failure to remit payment for services on the monthly anniversary date will result in a $20 late fee. If full payment has not been received within five (5) consecutive days, including the anniversary date, termination of public access to Customer services and a $50 reconnect fee will be incurred. Failure to remit payment for services within seven (7) consecutive days, including the anniversary date, shall result in termination of access to the service network and all services shall be reclaimed.
And the T&Cs link: https://www.ibm.com/support/customer/csol/terms?id=Z126-6304... To my pleasant surprise, the T&Cs are quite a readable document. As you see, they call them fees, not fines.
The https://www.ibm.com/cloud/pricing page also says they offer loans, leasing, and other kinds of financing.