I've raised the same problem through a support ticket and this is the answer I've got:
Our investigation has determined that you will need to talk to your financial institution as the error is not occurring on the Microsoft side and the bank is the one declining the transaction. Thank you for your understanding.
What joke is this? Do most banks hate Microsoft? Apparently this is the outcome of their great investigation. So I'm actively using several credit cards for hundreds of monthly payments without issues but somehow this one is declined by all banks and the issue lies with my financial institution.
PLEASE DO BETTER!!!
Or the very least tell us that you don't even want developers to register and we should we should just stop using Microsoft products altogether.
This is unbelievable!!!