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The update payment info is just a general store requirement. To use the store, they want a payment method (credit card) on file. You don't get charged unless you buy something that has actual cost with it. If 10.8.5 won't work, see if there are upgrades to Lion to get to 10.8.6 or more.
Did you try the link in post #10?
Did you try the link in post #10?