I verified the payment information was correct four times. I even cleared the fields and re-entered. I also tried from my phone and from my iMac. Just incase one version wasn't working properly. No Luck. I found in a forum if you have a middle initial on your card and not on the itunes info then it can fail. so I corrected that as well and still no luck.
Let me know if you find out how to do it!
**I was finnally able to upgrade my iCloud storage. For some reason it would NOT accept the normal credit card it was accepting for all my other iTunes purchases. So I gave up and switched to syncing a paypal account which worked right away. Very annoying that I can't use my normal CC but atleast this was a work around.*