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In the backend under Sales -> Orders, I can cancel and reorder the order.

Once I reorder, I edit the product price, and I click "Update Item and Quantities".

Once I do that, I would like to charge the customer using the same payment method with the updated charge, just like as if nothing but a price change happened to the order.

However, when I try to reorder the order, the payment method is blank.

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How can I reorder while keeping the original payment method so that I can simply recharge the card with the updated amount?

If this is not something that can be done with standard Magento, is there an extension out there that can do this?

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You can't do that with standard magento. Secondly, While you edit order from admin online payment methods ( credit cards, paypal etc ) are not available in payment methods. Only offline payment methods ( cash on delivery, PO, Bank transfer etc) are available.

What you can do is , create some virtual product and set its price to the amount you want to charge ( amount difference ). And then either send its url to customer to pay against that product ( like buy the product ) or you can place order and add charge using credit card.

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