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@chattra: nah not solved. I think unless you talk to someone from customer service on steam (not sure if that's possible, the entire thing looked automated when i was looking), you're stuck with how it is now. So sound like you go through official website or steam wallet :s
This is what I get:
"Steam failed to process your payment.
Steam attempted to process your recurring payment for The Elder Scrolls Online: Plus 1 Month Membership Recurring but was unable to complete the transaction.
Please ensure that your payment information is up to date and that you have enough funds on your account for this transaction. You can update your subscription and saved billing information anytime from your account details page.
For more information on recurring subscriptions, please see our FAQ."
EDIT:
I got it resolved by support (after 7 days !!!). There was a card associated with my account and it wasn't showing up. They removed the CC information and that allowed me to use my Steam Wallet to renew the sub.