Billing verification for iphone 4

I have a problem with the billing verification when using my iPhone 4 (Yeah I know it's old as ****)

Device: iPhone 4

iOS Version: 7.1.2

Storage Capacity: 16 GB

So, when I try to update or get an app from the app store, it prompts me to verify my billing details, and I use a Visa gift card for that. For some reason, it says "payment method declined" when I input all the correct details. However, I cannot select "None" as a billing option. I already tried to do so via Settings -> iTunes & App Store -> Click on account name -> View Apple ID -> Payment Information as well, but there's no "none" option. Also, on the top in red text it states "There's a billing problem with a previous purchase. Please update your payment method." I did what it stated. It still did not work. Any answers to this?