I received the "iTunes Store is unable to process gift certificates" message

I attempted to redeem a £70 gift card I bought to which I got the mentioned message. At first, I thought the store is simply experiencing a technical problem until i tried to redeem another gift card. The purchased £15 gift card was redeemed without a problem, I instantly tried to redeem the higher value card to which I got the message again. In the past, I have redeemed £70 gift cards successfully.
What would be the problem?
All help will be appreciated.

Try contacting iTunes via email to check if there is an issue with the account. go to apple.com/support/itunes
Click on iTunes Store account and billing and select inquiries. On the right side click on "email us".
Before doing that trying viewing your account information first. Open the iTunes on you mac, look at the menu and select store and select view my account. Try removing the card (this is only applicable if you don't have a pending charges with iTunes) and hit done. Sign out, quit iTunes and sign back in and try updating the apps again.

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