I came across with exactly same issue. I have been using my credit card for a year now and it never failed me. I could easly make paid and free purchases with my credit card. This summer I had to extend the time for my credit card use. But I haven't updated information of my credit card on Itunes. Now when I try to do so, it says "Your payment method was declined. Please enter valid payment method infomation". I entered all the details correctly and tried over and over again, but the same message keeps on appearing. It is very frustrating, how can I fix this issue?
The message comes from your card issuer. Apple is just a passthrough. There are a number of reasons a card may be declined:
- Insufficient balance or account in arrears
- Account suspended for suspected fraud (not necessarily by you)
- Error in card number
- Wrong expiration date
- Wrong CCV code
- Address in your iTunes account does not match exactly the billing address for the card
- The card was not issued in the country of the iTunes store
All of these are verified by your issuer, not by Apple, so if you are sure all are correct you need to contact your issuer.