iTunes: Your Credit Card Was Declined Issue [Updated]

Not sure if it was a coincident or not, but many people who has an iTunes Store US account had encountered the “Your credit card was declined. Please enter valid credit card information” issue shortly before the launch of iTunes 10. I personally encountered this problem several hours after I began using iTunes 10.

It began when I tried to upgrade an app within iTunes. I am presented with the following message in a dialog asking me to enter my iTunes Store credentials.
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