SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549



                            FORM 8-K



                         CURRENT REPORT
             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported):

                        October 23, 1997

                      METRIS COMPANIES INC.
      (Exact name of registrant as specified in its charter)


    Delaware                      001-12351              41-1849591
(State of Incorporation)   (Commission File Number)     (IRS Employer 
                                                      Identification No.)



  600 South Highway 169, Suite 1800, St. Louis Park, Minnesota  55426
                    (Address of principal executive offices)
                                
                         (612) 525-5020
      (Registrant's telephone number, including area code)
                                
                                
                                
                                
                                                                 
                                                                 
                                                                 
                                
                                
                                
                      METRIS COMPANIES INC.
                   Current Report on Form 8-K


Item 5. Other Events

        On  October 23, 1997, Direct Merchants Credit Card  Bank,
National  Association ("Direct Merchants Bank"), a subsidiary  of
the  Company,  purchased  a $405 million  credit  card  portfolio
consisting of approximately 460,000 accounts from Mercantile Bank
National Association, of which approximately 240,000 accounts are
active  accounts.   The Company financed the  acquired  portfolio
through  a  third  party  commercial paper  conduit  and  through
borrowings under its Revolving Credit Facility.
           
           
           
                            SIGNATURE


         Pursuant to the requirements of the Securities  Exchange
Act  of  1934, the Registrant has duly caused this report  to  be
signed on its behalf by the undersigned hereunto duly authorized.

                                     METRIS COMPANIES INC.



                                     By  /s/Robert W. Oberrender
                                         Senior Vice President,
                                         Chief Financial Officer



Dated:  November 7, 1997
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SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549

                            FORM 8-K

                         CURRENT REPORT
             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported):

                        October 23, 1997

                      METRIS COMPANIES INC.
      (Exact name of registrant as specified in its charter)

    Delaware                      001-12351              41-1849591
(State of Incorporation)   (Commission File Number)     (IRS Employer 
                                                      Identification No.)

  600 South Highway 169, Suite 1800, St. Louis Park, Minnesota  55426
                    (Address of principal executive offices)
                                
                         (612) 525-5020
      (Registrant's telephone number, including area code)
                                
                                
                                
                                
                                                                 
                                                                 
                                                                 
                                
                                
                                
                      METRIS COMPANIES INC.
                   Current Report on Form 8-K

Item 5. Other Events

        On  October 23, 1997, Direct Merchants Credit Card  Bank,
National  Association ("Direct Merchants Bank"), a subsidiary  of
the  Company,  purchased  a $405 million  credit  card  portfolio
consisting of approximately 460,000 accounts from Mercantile Bank
National Association, of which approximately 240,000 accounts are
active  accounts.   The Company financed the  acquired  portfolio
through  a  third  party  commercial paper  conduit  and  through
borrowings under its Revolving Credit Facility.
           
           
           
                            SIGNATURE

         Pursuant to the requirements of the Securities  Exchange
Act  of  1934, the Registrant has duly caused this report  to  be
signed on its behalf by the undersigned hereunto duly authorized.

                                     METRIS COMPANIES INC.

                                     By  /s/Robert W. Oberrender
                                         Senior Vice President,
                                         Chief Financial Officer

Dated:  November 7, 1997