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) September 16, 2003


                               Metris Master Trust
                            Metris Receivables, Inc.
                     (Originator of the Metris Master Trust)

             (Exact name of registrant as specified in its charter)



     Delaware                        333-76047                41-1810301
(State or Other                (Commission File Number)    (IRS Employer
Jurisdiction of Incorporation)                            Identification Number)


     10900 Wayzata Boulevard, Room 723, Minnetonka, Minnesota    55305
              (Address of Principal Executive Office)          (Zip Code)


Registrant's telephone number, including area code (952) 417-5645


                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)



INFORMATION TO BE INCLUDED IN THE REPORT

Item 1.   Not Applicable.

Item 2.   Not Applicable.

Item 3.   Not Applicable.

Item 4.   Not Applicable.

Item 5.   On September 16, 2003, Metris  Receivables,  Inc., pursuant to Section
          4.20  of  the  Second  Amended  and  Restated  Pooling  and  Servicing
          Agreement dated as of January 22, 2002 among Metris Receivables, Inc.,
          as   Transferor,   Direct   Merchants   Credit  Card  Bank,   National
          Association,  as Servicer,  and U.S.  Bank  National  Association,  as
          Trustee  (as  amended  the  "Pooling  and  Servicing  Agreement"),  as
          supplemented  by the Amended and Restated  Series  2001-1  Supplement,
          dated  as of  September  16,  2003  (together  with  the  Pooling  and
          Servicing Agreement, the "Agreement"), Metris Receivables, Inc. as the
          Transferor  deposited (x) in the Principal Funding Account,  an amount
          such that the  amount on  deposit  in the  Principal  Funding  Account
          following  such  deposit  is  equal  to the  sum of (I)  the  Class  A
          Outstanding  Principal Amount, (II) the Class B Outstanding  Principal
          Amount and (III) the Excess  Collateral  Outstanding  Principal Amount
          (determined  on a net basis,  after  taking  into  account  any Excess
          Collateral Daily Principal payable to the Transferor on the Defeasance
          Date pursuant to subsection 4.12(d) of the Agreement),  and (y) in the
          Accumulation Period Reserve Account, an amount such that the amount on
          deposit in the  Accumulation  Period  Reserve  Account  following such
          deposit is sufficient to pay and discharge  (without relying on income
          or gain from  reinvestment  of such  amount) all  remaining  scheduled
          interest  payments on all outstanding  Series 2001-1 Securities on the
          dates scheduled for such payments in the Agreement

          As of September 16, 2003,  the Series 2001-1  Securities are no longer
          entitled to the  security  interest of the Trustee in the  Receivables
          and, except to the extent provided in Article IV of the Agreement, the
          other Trust Property,  and the Investor Percentages  applicable to the
          allocation   to  the  Series  2001-1   Securityholders   of  Principal
          Collections,  Finance Charge  Collections and Receivables in Defaulted
          Accounts will be reduced to zero.

          Capitalized  terms used herein have the  meanings  assigned to them in
          the Agreement.

Item 6.   Not Applicable.

Item 7.   Exhibits.

The following are filed as Exhibits to this Report under Exhibit 4.1.

          Exhibit 4.1 Amended and Restated Series 2001-1 Supplement
          dated as of September 16, 2003.

Item 8.   Not Applicable.

Item 9.   Not Applicable.


                                   SIGNATURES

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

                                   METRIS RECEIVABLES, INC.
                                   as Transferor, on behalf of the
                                   Metris Master Trust

                                   By: /s/ SCOTT R. FJELLMAN
                                   Name:     Scott R. Fjellman
                                   Title:    Senior Vice President and Treasurer

September 23, 2003



                                  EXHIBIT INDEX

Exhibit         Description


Exhibit 4.1     Amended and Restated Series 2001-1 Supplement dated as of
                September 16, 2003
[{"type": "8-K", "sequence": "1", "filename": "form8k-cover.txt", "description": "FORM 8K COVER 9/30/03", "secsgml_size_bytes": 4957}]
[{"company-data": {"conformed-name": "METRIS RECEIVABLES INC", "cik": "0001003563", "assigned-sic": "6189", "irs-number": "411810301", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23961", "film-number": "03917291"}, "business-address": {"street1": "10900 WAYZATA BLVD", "city": "MINNETONKA", "state": "MN", "zip": "55305", "phone": "6124175645"}, "mail-address": {"street1": "600 SOUTH HIGHWAY 169", "street2": "SUITE 300", "city": "ST LOUIS PARK", "state": "MN", "zip": "55426"}, "former-company": {"former-conformed-name": "FINGERHUT FINANCIAL SERVICES RECEIVABLES INC", "date-changed": "19951117"}}, {"company-data": {"conformed-name": "METRIS MASTER TRUST", "cik": "0001003564", "assigned-sic": "6189", "irs-number": "411810301", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23961-04", "film-number": "03917292"}, "business-address": {"street1": "10900 WAYZATA BLVD", "city": "MINNETONKA", "state": "MN", "zip": "55305", "phone": "6129365077"}, "mail-address": {"street1": "600 SOUTH HWY 169", "street2": "STE 300", "city": "ST LOUIS PARK", "state": "MN", "zip": "55426"}, "former-company": {"former-conformed-name": "FINGERHUT FINANCIAL SERVICES MASTER TRUST", "date-changed": "19951117"}}]
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) September 16, 2003

                               Metris Master Trust
                            Metris Receivables, Inc.
                     (Originator of the Metris Master Trust)

             (Exact name of registrant as specified in its charter)

     Delaware                        333-76047                41-1810301
(State or Other                (Commission File Number)    (IRS Employer
Jurisdiction of Incorporation)                            Identification Number)

     10900 Wayzata Boulevard, Room 723, Minnetonka, Minnesota    55305
              (Address of Principal Executive Office)          (Zip Code)

Registrant's telephone number, including area code (952) 417-5645

                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)

INFORMATION TO BE INCLUDED IN THE REPORT

Item 1.   Not Applicable.

Item 2.   Not Applicable.

Item 3.   Not Applicable.

Item 4.   Not Applicable.

Item 5.   On September 16, 2003, Metris  Receivables,  Inc., pursuant to Section
          4.20  of  the  Second  Amended  and  Restated  Pooling  and  Servicing
          Agreement dated as of January 22, 2002 among Metris Receivables, Inc.,
          as   Transferor,   Direct   Merchants   Credit  Card  Bank,   National
          Association,  as Servicer,  and U.S.  Bank  National  Association,  as
          Trustee  (as  amended  the  "Pooling  and  Servicing  Agreement"),  as
          supplemented  by the Amended and Restated  Series  2001-1  Supplement,
          dated  as of  September  16,  2003  (together  with  the  Pooling  and
          Servicing Agreement, the "Agreement"), Metris Receivables, Inc. as the
          Transferor  deposited (x) in the Principal Funding Account,  an amount
          such that the  amount on  deposit  in the  Principal  Funding  Account
          following  such  deposit  is  equal  to the  sum of (I)  the  Class  A
          Outstanding  Principal Amount, (II) the Class B Outstanding  Principal
          Amount and (III) the Excess  Collateral  Outstanding  Principal Amount
          (determined  on a net basis,  after  taking  into  account  any Excess
          Collateral Daily Principal payable to the Transferor on the Defeasance
          Date pursuant to subsection 4.12(d) of the Agreement),  and (y) in the
          Accumulation Period Reserve Account, an amount such that the amount on
          deposit in the  Accumulation  Period  Reserve  Account  following such
          deposit is sufficient to pay and discharge  (without relying on income
          or gain from  reinvestment  of such  amount) all  remaining  scheduled
          interest  payments on all outstanding  Series 2001-1 Securities on the
          dates scheduled for such payments in the Agreement

          As of September 16, 2003,  the Series 2001-1  Securities are no longer
          entitled to the  security  interest of the Trustee in the  Receivables
          and, except to the extent provided in Article IV of the Agreement, the
          other Trust Property,  and the Investor Percentages  applicable to the
          allocation   to  the  Series  2001-1   Securityholders   of  Principal
          Collections,  Finance Charge  Collections and Receivables in Defaulted
          Accounts will be reduced to zero.

          Capitalized  terms used herein have the  meanings  assigned to them in
          the Agreement.

Item 6.   Not Applicable.

Item 7.   Exhibits.

The following are filed as Exhibits to this Report under Exhibit 4.1.

          Exhibit 4.1 Amended and Restated Series 2001-1 Supplement
          dated as of September 16, 2003.

Item 8.   Not Applicable.

Item 9.   Not Applicable.

                                   SIGNATURES

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

                                   METRIS RECEIVABLES, INC.
                                   as Transferor, on behalf of the
                                   Metris Master Trust

                                   By: /s/ SCOTT R. FJELLMAN
                                   Name:     Scott R. Fjellman
                                   Title:    Senior Vice President and Treasurer

September 23, 2003

                                  EXHIBIT INDEX

Exhibit         Description

Exhibit 4.1     Amended and Restated Series 2001-1 Supplement dated as of
                September 16, 2003