UNITED STATES
                       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) January 14, 2005


                               METRIS MASTER TRUST
                            METRIS RECEIVABLES, INC.
             (Exact name of registrant as specified in its charter)


         Delaware                    000-23961                 41-1810301
         --------                    ---------                 ----------
(State or other jurisdiction        (Commission              (IRS Employer
      of incorporation)              File number           Identification No.)



10900 Wayzata Boulevard, Room 723, Minnetonka, Minnesota              55305
---------------------------------------------------------------------------
           (Address of principal executive offices)                (Zip Code)


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


                                 Not Applicable
         (Former Name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications pursuant to Rule 425 under the
     Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the
     Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b)
     under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(C)
     under the Exchange Act (17 CFR 240.13e-4(c))


Item 8.01.  Other Events

Metris Receivables, Inc. reported Metris Master Trust results for the month
ended December 31, 2004 are presented in the table below.

December 31, 2004                                          (annualized)
                                                            (unaudited)

Gross Cash Portfolio Yield (1)                                26.47%
Gross Default Rate (2)                                        17.02%
Base Rate (3)                                                  4.90%
1-Month Excess Spread (4)                                      4.55%
3-Month Excess Spread (5)                                      4.86%
2-Cycle Plus Total Delinquency Rate (6)                        9.21%
2-Cycle Plus Principal Delinquency Rate (7)                    7.69%
Monthly Payment Rate (8)                                       7.80%

(1)    Gross Cash Portfolio Yield with respect to any monthly period is the
       annualized percentage of Finance Charge Collections (including APR,
       overlimit fees, late charges, returned check fees, annual fees, cash
       advance fees, interchange, debt waiver fees, other fees and recoveries
       received), applied to an average daily principal investor interest.

(2)    Gross Default Rate with respect to any monthly period is the annualized
       percentage of principal receivables charged-off as uncollectible,
       applied to an average daily principal investor interest.

(3)    Base Rate is the weighted-average interest rate plus a 2% servicing fee.

(4)    One-Month Excess Spread is the difference of the Gross Cash Portfolio
       Yield minus the Gross Default Rate minus the Base Rate.

(5)    Three-Month Excess Spread is the straight average of the current month
       plus previous two months' One-Month Excess Spread.

(6)    Two-Cycle Plus Total Delinquency Rate is the percentage of total
       receivables currently 30 days or more contractually overdue by
       customers, divided by the total receivables at the end of the month.

(7)    Two-Cycle Plus Principal Delinquency Rate is the percentage of
       principal receivables currently 30 days or more contractually overdue
       by customers, divided by the principal receivables at the end of the
       month.

(8)    Monthly Payment Rate is the total collections, including recoveries,
       divided by the total receivables at the beginning of the month.

The following is a roll forward of the outstanding spread account balances for
the public term asset-backed series issued and outstanding from the Metris
Master Trust, for the month ending December 31, 2004.

Beginning balance (11/30/04)       $  46,735,482
Spread account deposits               22,550,902
Spread account releases
                                    ------------
Ending balance (12/31/04)           $ 69,286,384
                                    ============

These spread account balances exist for a number of reasons, including
performance of the underlying assets and structural considerations within each
public series issued from the Metris Master Trust.

Item 9.01.  Financial Statements and Exhibits

Ex. 20a Series 1999-2 December Securityholders' Statement

Ex. 20b Series 1999-3 December Securityholders' Statement

Ex. 20c Series 2000-1 December Securityholders' Statement

Ex. 20d Series 2000-3 December Securityholders' Statement

Ex. 20e Series 2001-2 December Securityholders' Statement

Ex. 20f Series 2002-3 December Securityholders' Statement

Ex. 20g Series 2002-4 December Securityholders' Statement

Ex. 20h Series 2004-1 December Securityholders' Statement

Ex. 20i Series 2004-2 December Securityholders' Statement

                           SIGNATURES

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 RECEIVABLES, INC.




Dated:  January 14, 2005   By: /s/ Scott R. Fjellman
                               Scott R. Fjellman
                               Sr. Vice President and Treasurer
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UNITED STATES
                       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) January 14, 2005

                               METRIS MASTER TRUST
                            METRIS RECEIVABLES, INC.
             (Exact name of registrant as specified in its charter)

         Delaware                    000-23961                 41-1810301
         --------                    ---------                 ----------
(State or other jurisdiction        (Commission              (IRS Employer
      of incorporation)              File number           Identification No.)

10900 Wayzata Boulevard, Room 723, Minnetonka, Minnesota              55305
---------------------------------------------------------------------------
           (Address of principal executive offices)                (Zip Code)

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

                                 Not Applicable
         (Former Name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications pursuant to Rule 425 under the
     Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the
     Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b)
     under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(C)
     under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events

Metris Receivables, Inc. reported Metris Master Trust results for the month
ended December 31, 2004 are presented in the table below.

December 31, 2004                                          (annualized)
                                                            (unaudited)

Gross Cash Portfolio Yield (1)                                26.47%
Gross Default Rate (2)                                        17.02%
Base Rate (3)                                                  4.90%
1-Month Excess Spread (4)                                      4.55%
3-Month Excess Spread (5)                                      4.86%
2-Cycle Plus Total Delinquency Rate (6)                        9.21%
2-Cycle Plus Principal Delinquency Rate (7)                    7.69%
Monthly Payment Rate (8)                                       7.80%

(1)    Gross Cash Portfolio Yield with respect to any monthly period is the
       annualized percentage of Finance Charge Collections (including APR,
       overlimit fees, late charges, returned check fees, annual fees, cash
       advance fees, interchange, debt waiver fees, other fees and recoveries
       received), applied to an average daily principal investor interest.

(2)    Gross Default Rate with respect to any monthly period is the annualized
       percentage of principal receivables charged-off as uncollectible,
       applied to an average daily principal investor interest.

(3)    Base Rate is the weighted-average interest rate plus a 2% servicing fee.

(4)    One-Month Excess Spread is the difference of the Gross Cash Portfolio
       Yield minus the Gross Default Rate minus the Base Rate.

(5)    Three-Month Excess Spread is the straight average of the current month
       plus previous two months' One-Month Excess Spread.

(6)    Two-Cycle Plus Total Delinquency Rate is the percentage of total
       receivables currently 30 days or more contractually overdue by
       customers, divided by the total receivables at the end of the month.

(7)    Two-Cycle Plus Principal Delinquency Rate is the percentage of
       principal receivables currently 30 days or more contractually overdue
       by customers, divided by the principal receivables at the end of the
       month.

(8)    Monthly Payment Rate is the total collections, including recoveries,
       divided by the total receivables at the beginning of the month.

The following is a roll forward of the outstanding spread account balances for
the public term asset-backed series issued and outstanding from the Metris
Master Trust, for the month ending December 31, 2004.

Beginning balance (11/30/04)       $  46,735,482
Spread account deposits               22,550,902
Spread account releases
                                    ------------
Ending balance (12/31/04)           $ 69,286,384
                                    ============

These spread account balances exist for a number of reasons, including
performance of the underlying assets and structural considerations within each
public series issued from the Metris Master Trust.

Item 9.01.  Financial Statements and Exhibits

Ex. 20a Series 1999-2 December Securityholders' Statement

Ex. 20b Series 1999-3 December Securityholders' Statement

Ex. 20c Series 2000-1 December Securityholders' Statement

Ex. 20d Series 2000-3 December Securityholders' Statement

Ex. 20e Series 2001-2 December Securityholders' Statement

Ex. 20f Series 2002-3 December Securityholders' Statement

Ex. 20g Series 2002-4 December Securityholders' Statement

Ex. 20h Series 2004-1 December Securityholders' Statement

Ex. 20i Series 2004-2 December Securityholders' Statement

                           SIGNATURES

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 RECEIVABLES, INC.

Dated:  January 14, 2005   By: /s/ Scott R. Fjellman
                               Scott R. Fjellman
                               Sr. Vice President and Treasurer