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http://mandarapte.com/apple/error-updating-credit-card-debit-card-details-itunes-store-account-payment-option-solution-problem-error-code-symptoms-your-payment-method-declined-enter-valid-payment-method-information/
If you are getting error while updating your Credit Card or Debit Card details under your iTunes Store Account Payment Option then here is solution to that problem. Error Code & Symptoms: ‘Your payment method was declined. Please enter valid payment method information.’