I am stuck in loop. My credit card that was my payment method was cancelled because I received a new credit card. When I try to add this new card to my Apple ID it asks me to verify my old credit card, but when I try to verify my old credit card it errors and says my credit card was declined and that I need to add a new payment method.
Try adding the new card and removing the old one via https://appleid.apple.com/account/manage
If that also doesn't work contact iTunes Support and see if they can help you do it : http://www.apple.com/support/itunes/ww (click on your country's flag, the country where you live, and which is therefore the country on the account ; click on Contact Support towards the top right ; click on Get Help under 'Talk To Us’)
Payment methods
