Q: I am not able to update the payment information for iTunes

Hey chaintanyab18,

Thanks for the question, and welcome to Apple Support Communities.

I understand you are having issues adding payment information to your account. In my experience, this usually occurs due to two common reasons (though there may be more):

1) Your billing name or address does not match the address listed on your credit card statement. Any discrepancy in punctuation, abbreviation, or capitalization can cause errors, which might prevent you from purchasing from the iTunes Store. If you moved, or if your zip code changed recently, ask your credit card company to make sure their records are up to date and match exactly what you are entering as your billing information.

2) You have an outstanding balance on your account that needs to be resolved. The payment information may be declined if there are insufficient funds to cover this balance or the initial authorization hold (equal to around $1 USD).

For more information, see the following helpful resources:

iTunes Store: How iTunes Store purchases are billed

http://support.apple.com/kb/HT5582

iTunes Store: Changing account information

http://support.apple.com/kb/HT1918

iTunes Store: My credit card's security code or zip code does not match my bank's records

http://support.apple.com/kb/TS1646

Thanks,

Matt M.