A special treat for the holidays.
Here’s a special treat. Not only was I asked this question, but I needed to do it for myself too.
Hey Rick, how do I update my credit card and billing info for the iTunes music store?
That’s not a difficult operation, but an important one. Launch iTunes, and click on the green Music Store playlist from list or Sources on the left. This should load up the iTunes Music Store home page. [You don't necessarily need to be on the home page. You can do this from any page inside the iTunes music store.]
Click on the Account button in the top right hand corner. Shown here. It should have your email address instead of mine.
At the login prompt, enter you iTunes Music Store Password.
You’ll be taken to your account page. Click on the Edit Credit Card button.
Enter your updated credit card info on the next page, and submit.
That’s it, your done.