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 15, 2003

                               METRIS MASTER TRUST
                            METRIS RECEIVABLES, INC.
                     (Originator of the Metris Master Trust)
             (Exact name of registrant as specified in its charter)


        Delaware                   000-23961                   41-1810301
(State of Incorporation)     (Commission File Number)        (IRS Employer
                                                            Identification No.)



              10900 Wayzata Boulevard, Minnetonka, Minnesota 55305
                    (Address of principal executive offices)


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


                            METRIS RECEIVABLES, INC.
                           Current Report on Form 8-K

Item: 5   Reported Metris Master Trust Results.

Metris Receivables Inc. reported Metris Master Trust results for the month
ended September 30, 2003 are presented in the table below.

September 30, 2003                (annualized)
                                  (unaudited)

Gross Cash Portfolio Yield (1)       26.19%
Gross Default Rate (2)               19.56%
Base Rate (3)                         3.67%
1-Month Excess Spread (4)             2.96%
3-Month Excess Spread (5)             2.70%
2-Cycle Plus Delinquency Rate (6)    11.10%
Monthly Payment Rate (7)              6.73%

(1)      Gross Portfolio Cash 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, other fees and
         recoveries received), applied to an average 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 principal investor interest.
(3)      Base Rate is the weighted-average interest rate and 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 Delinquency Rate is the percentage of receivables
         currently 30 days or more contractually overdue by
         customers.
(7)      Monthly Payment Rate is the total collections, including recoveries,
         divided by the total receivables at the beginning of the month.


Item 7.   Financial Statements and Exhibits

          Ex. 20a Series 1999-1 September Securityholder's Statement

          Ex. 20b Series 1999-2 September Securityholder's Statement

          Ex. 20c Series 1999-3 September Securityholder's Statement

          Ex. 20d Series 2000-1 September Securityholders's Statement

          Ex. 20e Series 2000-3 September Securityholder's Statement

          Ex. 20f Series 2001-1 September Securityholder's Statement

          Ex. 20g Series 2001-2 September Securityholder's Statement

          Ex. 20h Series 2001-3 September Securityholder's Statement

          Ex. 20i Series 2001-4 September Securityholder's Statement

          Ex. 20j Series 2002-3 September Securityholder's Statement

          Ex. 20k Series 2002-4 September Securityholder's Statement

                                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 RECEIVABLES, INC.


                                By:    /s/ Scott R. Fjellman
                                       Scott R. Fjellman
                                       Senior Vice President, Treasurer
Dated:   October 15, 2003
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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 15, 2003

                               METRIS MASTER TRUST
                            METRIS RECEIVABLES, INC.
                     (Originator of the Metris Master Trust)
             (Exact name of registrant as specified in its charter)

        Delaware                   000-23961                   41-1810301
(State of Incorporation)     (Commission File Number)        (IRS Employer
                                                            Identification No.)

              10900 Wayzata Boulevard, Minnetonka, Minnesota 55305
                    (Address of principal executive offices)

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

                            METRIS RECEIVABLES, INC.
                           Current Report on Form 8-K

Item: 5   Reported Metris Master Trust Results.

Metris Receivables Inc. reported Metris Master Trust results for the month
ended September 30, 2003 are presented in the table below.

September 30, 2003                (annualized)
                                  (unaudited)

Gross Cash Portfolio Yield (1)       26.19%
Gross Default Rate (2)               19.56%
Base Rate (3)                         3.67%
1-Month Excess Spread (4)             2.96%
3-Month Excess Spread (5)             2.70%
2-Cycle Plus Delinquency Rate (6)    11.10%
Monthly Payment Rate (7)              6.73%

(1)      Gross Portfolio Cash 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, other fees and
         recoveries received), applied to an average 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 principal investor interest.
(3)      Base Rate is the weighted-average interest rate and 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 Delinquency Rate is the percentage of receivables
         currently 30 days or more contractually overdue by
         customers.
(7)      Monthly Payment Rate is the total collections, including recoveries,
         divided by the total receivables at the beginning of the month.

Item 7.   Financial Statements and Exhibits

          Ex. 20a Series 1999-1 September Securityholder's Statement

          Ex. 20b Series 1999-2 September Securityholder's Statement

          Ex. 20c Series 1999-3 September Securityholder's Statement

          Ex. 20d Series 2000-1 September Securityholders's Statement

          Ex. 20e Series 2000-3 September Securityholder's Statement

          Ex. 20f Series 2001-1 September Securityholder's Statement

          Ex. 20g Series 2001-2 September Securityholder's Statement

          Ex. 20h Series 2001-3 September Securityholder's Statement

          Ex. 20i Series 2001-4 September Securityholder's Statement

          Ex. 20j Series 2002-3 September Securityholder's Statement

          Ex. 20k Series 2002-4 September Securityholder's Statement

                                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 RECEIVABLES, INC.

                                By:    /s/ Scott R. Fjellman
                                       Scott R. Fjellman
                                       Senior Vice President, Treasurer
Dated:   October 15, 2003