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):
December 21, 1998
METRIS MASTER TRUST
METRIS RECEIVABLES, INC.
(Originator of the Metris Master Trust)
(Exact name of registrant as specified in its charter)
Delaware 033-99514 41-1810301
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
600 South Highway 169, Suite 300, St. Louis Park, Minnesota 55426
(Address of principal executive offices)
(612) 417-5645
(Registrant's telephone number, including area code)
METRIS RECEIVABLES, INC.
Current Report on Form 8-K
Item 7. Financial Statements and Exhibits
Ex. 20a Series 1996-1 November Certificateholders' Statement
Ex. 20b Series 1997-1 November Certificateholders' Statement
Ex. 20c Series 1997-2 November Certificateholders' 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/Paul T. Runice
Treasurer
Dated: December 21, 1998
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1996-1 Nov-1998
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 518,000,000.08 7,500,000.00 50,000,000.00 44,500,000.00 700,000,000.00
(ii) Certificate Principal Distribution 34,533,333.33 0.00 0.00 34,533,333.33
Principal Per 1000 66.66666667 0.00000000 0.00000000
(iii) Certificate Interest Distributed 2,227,400.00 495,833.33 245,887.69 2,969,121.02
Interest Per 1000 5.37500000 5.66666663 4.91775380
(iv) Principal Collections 22,116,032.47 3,735,816.30 2,134,752.19 1,895,636.45 29,882,237.41
(v) Finance Charge Collections 8,838,025.05 1,763,502.23 1,007,715.52 894,783.64 2,504,026.44
Recoveries 118,781.49 25,080.55 14,331.74 12,755.25 170,949.03
Interest Earned on Accounts 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collections 8,956,806.54 1,788,582.78 1,022,047.26 907,538.89 12,674,975.47
Total Collections 31,072,839.01 5,524,399.08 3,156,799.45 2,803,175.34 42,557,212.88
(vi) Aggregate Amount of Principal Receivables 3,462,332,366.28
Invested Amount (End of Mth) 414,400,000.00 87,500,000.00 50,000,000.00 44,500,000.00 596,400,000.00
Floating Allocation Percentage 11.9688105% 2.5271982% 1.4441132% 1.2852608% 17.2253827%
Invested Amount (Beg. of Mth) 448,933,333.33 87,500,000.00 50,000,000.00 44,500,000.00 630,933,333.33
Average Daily Invested Amount 618,185,232.23
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.44% 3,098,368,494.64
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.48% 234,863,483.03
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.46% 89,249,980.26
90 Days and Over (60+ Days Contractually Delinquent) 5.62% 203,702,725.56
Total Receivables 100.00% 3,626,184,683.49
(viii) Aggregate Investor Default Amount 6,574,641.54
As a % of Average Daily Invested Amount (Annualized based on 365 days/year 12.94%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,016,336.07
(xi) Pool Factor 0.5333333 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Reserve Amount 35,000,000.00
Class C Reserve Account Balance 17,500,000.00
Class C Trigger Event Occurrence Yes
Average Net Portfolio Yield 12.0062%
Minimum Base Rate 8.4385%
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-1 Nov-1998
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,528,031.25 629,531.25 367,750.77 4,525,313.27
(iv) Principal Collections 26,310,820.49 4,536,348.35 3,084,716.89 2,346,369.80 36,278,255.53
(v) Finance Charge Collections 12,420,094.31 2,141,395.57 1,456,148.97 1,107,190.43 17,124,829.28
Recoveries 176,638.73 30,454.95 20,709.37 15,836.58 243,639.63
Principal Account Earnings 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Acct. Earnings 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collections 12,596,733.04 2,171,850.52 1,476,858.34 1,123,027.01 17,368,468.91
Total Collections 38,907,553.53 6,708,198.87 4,561,575.23 3,469,396.81 53,646,724.44
(vi) Aggregate Amount of Principal Receivables 3,462,332,366.28
Invested Amount (End of Mth) 414,400,000.00 87,500,000.00 50,000,000.00 44,500,000.00 596,400,000.00
Floating Allocation Percentage 17.7986956% 3.0687406% 2.0867436% 1.5957451% 24.5499250%
Fixed/Floating Allocation Percentage N/A N/A N/A N/A 0.0000000%
Invested Amount (Beg. of Mth) 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Average Daily Invested Amount 849,765,134.00
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.44% 3,098,368,494.64
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.48% 234,863,483.03
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.46% 89,249,980.26
90 Days and Over (60+ Days Contractually Delinquent) 5.62% 203,702,725.56
Total Receivables 100.00% 3,626,184,683.49
(viii) Aggregate Investor Default Amount 9,018,607.65
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 12.91%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,397,260.27
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 42,500,000.00
Class C Reserve Account Balance 21,250,000.00
Class C Trigger Event Occurrence Yes
(xv) Number of New Accounts Added to the Trust 0
(xvi) Average Net Portfolio Yield 11.9551%
(xvii) Minimum Base Rate 8.8149%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period March 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-2 Nov-98
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 2,061,265.52 479,923.41 515,695.44 3,056,884.37
(iv) Principal Collections 19,426,244.74 4,333,546.90 4,184,114.25 1,931,049.32 29,874,955.22
(v) Finance Charge Collections 9,170,211.61 2,045,662.59 1,975,122.50 911,203.66 14,102,200.37
Recoveries 130,418.86 29,093.44 28,090.22 13,041.89 200,644.40
Principal Account Earnings 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Accct. Earnings 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collection 9,300,630.47 2,074,756.03 2,003,212.72 924,245.55 14,302,844.77
Total Collections 28,726,875.21 6,408,302.93 6,187,326.97 2,855,294.87 44,177,799.99
(vi) Aggregate Amount of Principal Receivables 3,462,332,366.28
Invested Amount (End of Mth) 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Floating Allocation Percentage 13.1414305% 2.9315499% 2.8304619% 1.3141430% 20.2175853%
Fixed/Floating Allocation Percentage N/A N/A N/A N/A 0.0000000%
Invested Amount (Beginning of Mth) 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Average Daily Invested Amount 699,780,142.60
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.44% 3,098,368,494.64
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.48% 234,863,483.03
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.46% 89,249,980.26
90 Days and Over (60+ Days Contractually Delinquent) 5.62% 203,702,725.56
Total Receivables 100.00% 3,626,184,683.49
(viii) Aggregate Investor Default Amount 7,426,772.66
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 12.91%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,150,684.93
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 17,500,000.00
Class C Reserve Account Balance 17,500,000.00
(xv) Number of New Accounts Added to the Trust 0
(xvi) Average Net Portfolio Yield 11.9550%
(xvii) Minimum Base Rate 7.4239%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period October 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
</TABLE>
