Method of payment is not accepted.
How to fix error on the previous payment, which caused the problem?
iPad 2, iOS 6.0.1
How to fix error on the previous payment, which caused the problem?
iPad 2, iOS 6.0.1
For everything you need to know about accounts.
Apple - Support - iTunes - Account & Billing
You will probably have to go via the Express lane route; fill in the details and ask them how you can resolve your problem.
You're probably violating T&C of the iTS. Pre-paid cards are also a definite no-no.
Method of payment is not accepted.