Payment method cannot be authorised

When I try to purchase an app or make an in-app purchase it comes up with "Verification Required - Before you can make purchases, you must go to settings > iTunes & App Store > Apple ID and verify your payment information." (picture 1) When I press continue, it brings me to "manage payments" (photo 2). The only payment method I have is "Apple ID Balance" which is $31.07 because I just redeemed an Appstore/iTunes gift card that I got for Christmas. Because that is my only payment method I click on it (photo 3) but there is nothing that appears which will allow me to "authorize" the payment method. I went onto various other support pages however none of those helped. However when i did go into "Purchase History" It had written up the top "Your payment method cannot be authorized. Update your payment Information" (picture 4). When I press that, it brought me back to the "Manage Payments" window.

Plz Help

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