I have been having the same issue for the last 3 days as well. I don't think it is a bank issue because:
1. Everything was working just fine prior to Friday.
2. I have tried updating my billing info with a debit card from an account at a different bank, and then also trying a credit card I've got from another bank.
So I have tried 2 additional cards and nothing is working. Anyone know where you can buy and instantly download a PSN card online?
Update: the following is a message I received after submitting a support request to Sony support:
* Please ensure all account information is accurate. From Account Management, select Account Information > Billing Information. Select the "Delete Billing Information" button, and press the X button. Then re-enter your billing information on the same page. The billing information should be entered exactly as it appears on your credit card statement. Your address will be both case and punctuation sensitive, and if your address at your Credit Card company or bank has recently changed, you will need to put in the new physical address.
* Remove the apartment number (if applicable).
* Try another credit card.
* Check with the bank to verify if the credit card uses AVS (Address Verification System) as a security feature. Your address may have been changed recently in their system.
If these steps do not resolve the issue, we do still have a work-around available. You can purchase PlayStation®Network cards at any major retailer. You can even purchase PlayStation®Network cards online through a retailer, and have the code emailed to you within a few minutes for redemption on your account.
I have included a link with some more information regarding the PSN cards, if that is an option you are interested in:
Please note, the parameters set for security are set for our consumers' protection. I'd like to sincerely apologize for any inconvenience they may have caused. I would like to thank you for your time and allowing me the opportunity to assist you today. Also, you may receive a brief survey regarding this correspondence. If you don't mind, I would love your feedback regarding how I did and the resolution I provided.
Followed the advice, putting in the address info exactly as it appears on my credit card account, but it still won't give me a result. My province reads NEWFOUNDLAND on my credit card statement, but on psn I am limited to a drop-down menu and can only select 'Newfoundland and Labrador.' As far as I can guess, this is what is causing the problem.
No luck, unfortunately have also called the bank and have confirmed there is no trouble on their end, and called Sony to get the exact same "try another card, make sure the info is correct, delete and re-enter your info" schpeel. I thought these guys had a reputation for being helpful :@