ITunes gift card on iPhone. Balance doesn't change?

I just redeemed my $10 iTunes gift card on my iPhone 4S and bought two songs. However, at the bottom of the music page where I redeemed my gift card it still says "$10.00 credit." Shouldn't it say $7.72 since I bought two songs after I redeemed the card? (One song was 1.29 and another was 0.99).

This is a fairly common issue, You should have credit/debit card associated with your account. Check the statement on that and i'm pretty sure you will see the charges on there. It gives you options for how you want to pay at check out and if you didn't select the card it will just charge your default purchase method. If you do see that charges on there get on your computer and go to expresslane.apple.com, click on iTunes, iTunes store, billing, and you will be able to chat with an iTunes advisor, occasionally they will give a refund and let you use the card to repay for it… But they typically will only do something like that 1 times, so if you have had to report an accidental charge or anything similar they won't.