I recently got a renewed credit card. The one about to expire has been setup in Apple Pay. Should I do anything for the renewed card?

The expiring card's end month is Jan 2015. I already activated the new card with Chase. Will Apple Pay automatically do the renewal on iPhone?
If no, do I need to edit the existing card on iPhone or just create a new card on it?
I haven't used the card this month via Apple Pay.

You need to do the renewal on the iPhone.
Set up and use Apple Pay - Apple Support
If the card is the one you use for iTunes and App Stores (the card associated with your Apple ID), I believe you can simply update the card there and the update will carry over.  Otherwise, you may have to remove the old card and add the new one.

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