Issue with updating payment method linked to Apple Account
There is an issue with your payment method. Update your payment information to correct the problem and try again.
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See this article for information about updating payment methods on various platforms (iPhone, Mac, etc.): If you need to change or update your Apple Account payment method - Apple Support
Here is how you update your payment method on an iPhone or iPad:
1. Open the Settings app.
2. Tap your name.
3. Tap Payment & Shipping (formerly Media & Purchases). You might be asked to sign in with your Apple ID.
4. Tap Add Payment Method, enter the new payment method, then tap Done.
5. Tap Edit.
6. Tap the red delete button next to the old payment method, then tap Delete.
Also note:
1) ”If you change your address, the credit or debit card information that you use with your Apple Account might be automatically updated by your financial institution, and you don't need to take action.”
2) “If there's an issue [such as you having a subscription or being a Family Sharing Organizer], add a new card first, then remove the old card."