I've done this, and spent two hours on the phone wit a brazilian operator who was tottaly clueless of the problem, he said there was no problem with my account and refused to escalate the request.
He told me to use several credit cards, which I did, and none worked. He also made me delete my profile several times from the console. And I even tried change my gamertag to another Live ID, which also didnt work.
I am unable to subscribe to Xbox Live Gold, unable to add MS Points, and I either get a message stating my account is suspended due to a problem with the payment option and ask me for my credit card, and after I introduce all my CC info it tells me to again try latter, well I've been trying this for the past week!
I am also unable to add MS Points and it tell mes that my account cannot access Premium content.
Can you please help??
Account Region: Portugal
Physical Region: Portugal
Verify all requirements are met: yes
For 40001 errors, verify you have waited 72 hours: yes
What you are trying to purchase: Xbox Live Gold 1 month