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MS has finally adressed this issue. While you cant delete card information directly from your console you can do it online. Go to Xbox.com and sign in with your net passport. On the drop down menu at the top right of your screen select manage profile. On the account management tab select manage payment options. It will show you a list of credit cards associated with your account with options to edit your information or to delete your credit card from your profile. Click on delete problem solved.