I'm just commenting to add my voice, letting Squarespace know this is important!
I have a large number of followers who don't trust the internet but who would gladly pay for my membership in cash a year at a time.
I also have a large number of followers who I would like to give free memberships to - and many of them won't take them because they don't want to put a credit/debit card in my site.
Eventually this could become something that would force me to move my subscription service... it's small now, but I did a deep dive on some stats and strategies and it's one of the things that was brought up.
Ideally, a toggle switch that allows the page owner to decide if cards are required or not would be awesome. I know some people WANT to require credit cards.