“Your payment method was declined. Please enter valid payment method information.”

You need to update your credit card information.

On your iPhone, go to:

Settings -> Apple ID (Your Name) -> Payment & Shipping.

Find your card and update it or add a new one if the old one has expired.

when I try to make a payment on my account it tells me that my payment method was declined and I know that my card has the right amount of money on it for the payment