This error is caused by the bank rejecting our requests to charge your card.
There are two possible solutions:
1) Contact your bank to find out why they are blocking the charges
2) Update your payment method here
Even if you are merely updating credit card info, you should input the updated info as a new card. Putting the data in as a fresh transaction fixes most common errors.
Note: The system will go through multiple attempts to process your payment that could fail but it might eventually go through without you needing to reach out to your bank or card company.