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 15, 1999
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 December Certificateholders' Statement
Ex. 20b Series 1997-1 December Certificateholders' Statement
Ex. 20c Series 1997-2 December Certificateholders' Statement
Ex. 20d Series 1998-2 December Certificateholder's Statement
Ex. 20e Series 1998-3 December Certificateholder'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/ Paul T. Runice
President and Treasurer
Dated: January 15, 1999
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1996-1 Dec-1998
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 518,000,000.00 87,500,000.00 50,000,000.00 44,500,000.00 700,000,000.00
(ii) Certificate Principal Distributed 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 2,041,783.33 495,833.33 258,776.25 2,796,392.91
Interest Per 1000 5.37499999 5.66666663 5.17552500
(iv) Principal Collections 24,169,707.25 4,082,720.82 2,332,983.32 2,070,175.69 32,655,587.08
(v) Finance Charge Collections 8,083,553.39 1,757,970.44 1,004,554.54 891,089.07 11,737,167.43
Recoveries 124,236.92 28,617.23 16,352.70 14,553.90 183,760.76
Interest Earned on Accounts 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collections 8,207,790.31 1,786,587.67 1,020,907.24 905,642.97 11,920,928.19
Total Collections 32,377,497.56 5,869,308.49 3,353,890.56 2,975,818.66 44,576,515.27
(vi) Aggregate Amount of Principal Receivables 3,945,002,736.7
Invested Amount (End of Mth) 379,866,666.67 87,500,000.00 50,000,000.00 44,500,000.00 561,866,666.67
Floating Allocation Percentage 9.6290596% 2.2179959% 1.2674262% 1.1280094% 14.2424912%
Invested Amount (Beg. of Mth) 414,400,000.00 87,500,000.00 50,000,000.00 44,500,000.00 596,400,000.00
Average Daily Invested Amount 584,030,708.29
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.18%3,514,458,422.8
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.13% 294,361,012.24
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.42% 99,840,093.60
90 Days and Over (60+ Days Contractually Delinquent) 5.27% 217,319,707.94
Total Receivables 100.00%4,125,979,236.6
(viii) Aggregate Investor Default Amount 5,809,775.95
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.71%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 992,248.40
(xi) Pool Factor 0.6666667 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 20,959,126.36
Class C Trigger Event Occurrence Yes
Average Net Portfolio Yield 12.3202%
Minimum Base Rate 8.4861%
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-1 Dec-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 3,528,031.25 629,531.25 385,973.35 4,543,535.85
(iv) Principal Collections 28,754,019.47 4,957,589.58 3,371,160.90 2,566,968.38 39,649,738.33
(v) Finance Charge Collections 12,381,134.83 2,134,678.44 1,451,581.33 1,104,736.17 17,072,130.76
Recoveries 201,547.04 34,749.49 23,629.65 18,069.73 277,995.92
Principal Account Earnings 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Acct. Earnin 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 12,582,681.87 2,169,427.93 1,475,210.98 1,122,805.90 17,350,126.68
Total Collections 41,336,701.34 7,127,017.51 4,846,371.88 3,689,774.28 56,999,865.01
(vi) Aggregate Amount of Principal Receivables 3,945,002,736.7
Invested Amount (End of Mth) 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Floating Allocation Percentage 15.6210285% 2.6932808% 1.8314309% 1.4005060% 21.5462461%
Fixed/Floating Allocation Percenta 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 849,793,016.34
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.18%3,514,458,422.8
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.13% 294,361,012.24
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.42% 99,840,093.60
90 Days and Over (60+ Days Contractually Delinquent) 5.27% 217,319,707.94
Total Receivables 100.00%4,125,979,236.6
(viii) Aggregate Investor Default Amount 8,446,181.85
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.70%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,443,835.62
(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 25,793,348.24
Class C Trigger Event Occurrence Yes
(xv) Number of New Accounts Added to the Trust 361,064
(xvi) Average Net Portfolio Yield 12.3367%
(xvii) Minimum Base Rate 8.8603%
(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 Dec-1998
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 2,184,238.88 506,707.45 539,868.12 3,230,814.45
(iv) Principal Collections 21,230,148.25 4,735,956.15 4,572,647.32 2,112,834.10 32,651,585.82
(v) Finance Charge Collections 9,141,446.37 2,039,245.73 1,968,926.92 909,242.26 14,058,861.27
Recoveries 148,809.58 33,195.98 32,051.29 14,880.96 228,937.82
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 9,290,255.95 2,072,441.71 2,000,978.21 924,123.22 14,287,799.09
Total Collections 30,520,404.20 6,808,397.86 6,573,625.53 3,036,957.32 46,939,384.91
(vi) Aggregate Amount of Principal Receivables 3,945,002,736.7
Invested Amount (End of Month) 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Floating Allocation Percentage 11.5335788% 2.5728753% 2.4841554% 1.1533579% 17.7439674%
Fixed/Floating Allocation Percentage N/A N/A N/A N/A 0.0000000%
Invested Amount (Beginning of Month) 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Average Daily Invested Amount 699,808,600.46
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.18%3,514,458,422.8
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.13% 294,361,012.24
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.42% 99,840,093.60
90 Days and Over (60+ Days Contractually Delinquent) 5.27% 217,319,707.94
Total Receivables 100.00%4,125,979,236.6
(viii) Aggregate Investor Default Amount 6,955,463.70
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.70%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,189,041.10
(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 0.00
Class C Trigger Event Occurrence Yes
(xv) Number of New Accounts Added to the Trust 361,064
(xvi) Average Net Portfolio Yield 12.3366%
(xvii) Minimum Base Rate 7.9236%
(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>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Securityholders' Statement Series 1998-2 Dec-1998
Section 5.2 Class A Class B Total
<C> <S> <C> <C> <C>
(i) Security Amount 500,000,000.00 49,450,550.00 549,450,550.00
(ii) Security Principal Distributed 0.00 0.00
(iii) Security Interest Distributed 3,866,076.39 3,866,076.39
(iv) Principal Collections 21,414,696.57 2,117,937.05 23,532,633.62
(v) Finance Charge Collections 9,181,604.57 908,070.78 10,089,675.35
Recoveries 163,527.01 16,173.00 179,700.01
Initial Interest Funding Account Deposit 3,866,076.39 0.00 3,866,076.39
Interest Earned on Accounts 0.00 0.00 0.00
Total Finance Charge Collections 13,211,207.97 924,243.78 14,135,451.75
Total Collections 34,625,904.54 3,042,180.83 37,668,085.37
(vi) Aggregate Amount of Principal Receivables 3,945,002,736.77
Invested Amount (End of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Floating Allocation Percentage 12.6742624% 1.2534985% 13.9277609%
Fixed/Floating Allocation Percentage 12.6742624% 1.2534985% 13.9277609%
Invested Amount (Beginning of Month) 0.00 0.00 0.00
Average Daily Invested Amount 549,450,550.00
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.18% 3,514,458,422.82
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.13% 294,361,012.24
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.42% 99,840,093.60
90 Days and Over (60+ Days Contractually Delinquent) 5.27% 217,319,707.94
Total Receivables 100.00% 4,125,979,236.60
(viii) Aggregate Investor Default Amount 4,817,078.02
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.43%
(ix) Charge-Offs 0.00 0.00 0.00
(x) Servicing Fee 842,992.62
(xi) Unreimbursed Redirected Principal Collections 0.00
(xii) Excess Funding Account Balance 0.00
(xiii) New Accounts Added 361,064
(xiv) Average Gross Portfolio Yield (28 days, Dec 4 - 31, 1998) 33.54%
Average Net Portfolio Yield 22.11%
(xv) Minimum Base Rate 7.92%
Excess Spread 14.19%
(xvi) Principal Funding Account Balance 0.00
(xvii) Accumulation Shortfall 0.00
(xviii) Scheduled date for the commencement of the Accumulation Period April 2000
Accumulation Period Length N/A
(xix) Principal Funding Account Investment Proceeds Deposit 0.00
Required Reserve Account Amount 0.00
Available Reserve Account Amount 0.00
Covered Amount 0.00
(xx) Aggregrate Interest Rate Caps Notional Amount 500,000,000.00
Deposit to the Caps Proceeds Account 0.00
(xxi) Policy Claim Amount 0.00
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Securityholders' Statement Series 1998-3 Dec-1998
Section 5.2 Class A Class B Total
<C> <S> <C> <C> <C>
(i) Security Amount 500,000,000.00 49,450,550.00 549,450,550.00
(ii) Security Principal Distributed 0.00 0.00
(iii) Security Interest Distributed 3,931,354.17 3,931,354.17
(iv) Principal Collections 21,414,696.57 2,117,937.05 23,532,633.62
(v) Finance Charge Collections 9,181,604.57 908,070.78 10,089,675.35
Recoveries 163,527.01 16,173.00 179,700.01
Initial Interest Funding Account Deposit 3,931,354.17 0.00 3,931,354.17
Interest Earned on Accounts 0.00 0.00 0.00
Total Finance Charge Collections 13,276,485.75 924,243.78 14,200,729.53
Total Collections 34,691,182.32 3,042,180.83 37,733,363.15
(vi) Aggregate Amount of Principal Receivables 3,945,002,736.77
Invested Amount (End of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Floating Allocation Percentage 12.6742624% 1.2534985% 13.9277609%
Fixed/Floating Allocation Percentage 12.6742624% 1.2534985% 13.9277609%
Invested Amount (Beginning of Month) 0.00 0.00 0.00
Average Daily Invested Amount 549,450,550.00
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.18% 3,514,458,422.82
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.13% 294,361,012.24
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.42% 99,840,093.60
90 Days and Over (60+ Days Contractually Delinquent) 5.27% 217,319,707.94
Total Receivables 100.00% 4,125,979,236.60
(viii) Aggregate Investor Default Amount 4,817,078.02
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.43%
(ix) Charge-Offs 0.00 0.00 0.00
(x) Servicing Fee 842,992.62
(xi) Unreimbursed Redirected Principal Collections 0.00
(xii) Excess Funding Account Balance 0.00
(xiii) New Accounts Added 361,064
(xiv) Average Gross Portfolio Yield (28 days, Dec 4 - 31, 1998) 33.69%
Average Net Portfolio Yield 22.26%
(xv) Minimum Base Rate 8.02%
Excess Spread 14.24%
(xvi) Principal Funding Account Balance 0.00
(xvii) Accumulation Shortfall 0.00
(xviii) Scheduled date for the commencement of the Accumulation Period January 2001
Accumulation Period Length N/A
(xix) Principal Funding Account Investment Proceeds Deposit 0.00
Required Reserve Account Amount 0.00
Available Reserve Account Amount 0.00
Covered Amount 0.00
(xx) Aggregrate Interest Rate Caps Notional Amount 500,000,000.00
Deposit to the Caps Proceeds Account 0.00
(xxi) Policy Claim Amount 0.00
</TABLE>
