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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):
March 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 (Commission File Number) (IRS Employer
Incorporation) 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 February Certificateholders' Statement
Ex. 20b Series 1997-1 February Certificateholders' Statement
Ex. 20c Series 1997-2 February Certificateholders' Statement
Ex. 20d Series 1998-2 February Certificateholder's Statement
Ex. 20e Series 1998-3 February 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
Paul T. Runice
Senior Vice President and Treasurer
Dated: March 15, 1999
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1996-1 Feb-1999
<S> <C> <C> <C>
Section 5.2 Class A Class B Class C
(i)Certificate Amount 518,000,000.00 87,500,000.00 50,000,000.00
(ii)Certificate Principal Distributed 34,533,333.33 0.00 0.00
Principal Per 1000 66.66666667 0.00000000 0.00000000
(iii)Certificate Interest Distributed 1,670,550.00 495,833.33 217,267.56
Interest Per 1000 5.37500000 5.66666667 4.34535111
(iv)Principal Collections 26,244,457.34 4,433,185.34 2,533,248.79
(v)Finance Charge Collections 7,543,867.59 1,970,874.92 1,126,214.27
Recoveries 114,779.09 32,313.93 18,465.11
Interest Earned on Accounts 0.00 0.00 0.00
Total Finance Charge Collections 7,658,646.68 2,003,188.85 1,144,679.38
Total Collections 33,903,104.02 6,436,374.19 3,677,928.17
(vi)Aggregate Amount of Principal Receivables -- -- --
Invested Amount (End of Mth) 310,800,000.00 87,500,000.00 50,000,000.00
Floating Allocation Percentage 7.8713600% 2.2160360% 1.2663063%
Invested Amount (Beg. of Mth) 345,333,333.33 87,500,000.00 50,000,000.00
Average Daily Invested Amount -- -- --
(vii)Receivable Delinquencies (As a % of Total Receivables) -- --
Current -- -- --
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) -- -- --
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) -- -- --
90 Days and Over (60+ Days Contractually Delinquent) -- -- --
Total Receivables -- -- --
(viii)Aggregate Investor Default Amount -- -- --
As a % of Average Daily Invested Amount -- -- --
(Annualized based on 365 days/year)
(ix)Charge-Offs 0.00 0.00 0.00
(x)Servicing Fee -- -- --
(xi)Pool Factor 0.5333333 1.0000000 1.0000000
(xii)Unreimbursed Reallocated Principal Collections -- 0.00 0.00
(xiii)Excess Funding Account Balance -- -- --
Prefunding Account Balance -- -- --
(xiv)Class C Reserve Amount -- -- --
Class C Reserve Account Balance -- -- --
Class C Trigger Event Occurrence -- -- --
Average Net Portfolio Yield -- -- --
Minimum Base Rate -- -- --
Class D Total
(i)Certificate Amount 44,500,000.00 700,000,000.00
(ii)Certificate Principal Distributed -- 34,533,333.33
Principal Per 1000 -- --
(iii)Certificate Interest Distributed -- 2,383,650.89
Interest Per 1000 -- --
(iv)Principal Collections 2,254,626.65 35,465,518.12
(v)Finance Charge Collections 1,002,558.75 11,643,515.52
Recoveries 16,433.94 181,992.08
Interest Earned on Accounts 0.00 0.00
Total Finance Charge Collections 1,018,992.69 11,825,507.60
Total Collections 3,273,619.34 47,291,025.72
(vi)Aggregate Amount of Principal Receivables -- 3,948,491,755.77
Invested Amount (End of Mth) 44,500,000.00 492,800,000.00
Floating Allocation Percentage 1.1270126% 12.4807149%
Invested Amount (Beg. of Mth) 44,500,000.00 527,333,333.33
Average Daily Invested Amount -- 518,714,010.15
(vii)Receivable Delinquencies (As a % of Total Receivables) -- --
Current 83.65% 3,474,379,226.36
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.53% 312,765,460.14
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 3.01% 124,853,829.63
90 Days and Over (60+ Days Contractually Delinquent) 5.81% 241,366,771.23
Total Receivables 100.00% 4,153,365,287.36
(viii)Aggregate Investor Default Amount -- 4,877,200.07
As a % of Average Daily Invested Amount -- --
(Annualized based on 365 days/year) 12.26%
(ix)Charge-Offs 0.00 0.00
(x)Servicing Fee -- 795,813.70
(xi)Pool Factor -- --
(xii)Unreimbursed Reallocated Principal Collections 0.00 0.00
(xiii)Excess Funding Account Balance -- 0.00
Prefunding Account Balance -- 0.00
(xiv)Class C Reserve Amount -- 17,500,000.00
Class C Reserve Account Balance -- 17,500,000.00
Class C Trigger Event Occurrence -- Yes
Average Net Portfolio Yield -- 17.4617%
Minimum Base Rate -- 8.4220%
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-1 Feb-1999
<S> <C> <C> <C>
Section 5.2 Class A Class B Class C
(i)Certificate Amount 616,250,000.00 106,250,000.00 72,250,000.00
(ii)Certificate Principal Distributed 0.00 0.00 0.00
(iii)Certificate Interest Distributed 3,528,031.25 629,531.25 325,190.51
(iv)Principal Collections 31,222,291.17 5,383,153.65 3,660,544.49
(v)Finance Charge Collections 13,880,590.59 2,393,205.26 1,627,379.58
Recoveries 227,582.42 39,238.35 26,682.08
Principal Account Earnings 0.00 0.00 0.00
Accum. Period Reserve Acct. Earnings 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00
Total Finance Charge Collections 14,108,173.01 2,432,443.61 1,654,061.66
Total Collections 45,330,464.18 7,815,597.26 5,314,606.15
(vi)Aggregate Amount of Principal Receivables -- -- --
Invested Amount (End of Mth) 616,250,000.00 106,250,000.00 72,250,000.00
Floating Allocation Percentage 15.6072252% 2.6909009% 1.8298126%
Fixed/Floating Allocation Percentage N/A N/A N/A
Invested Amount (Beg. of Mth) 616,250,000.00 106,250,000.00 72,250,000.00
Average Daily Invested Amount -- -- --
(vii)Receivable Delinquencies (As a % of Total Receivables) -- -- --
Current -- -- --
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) -- -- --
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) -- -- --
90 Days and Over (60+ Days Contractually Delinquent) -- -- --
Total Receivables -- -- --
(viii)Aggregate Investor Default Amount -- -- --
As a % of Average Daily Invested Amount -- -- --
(Annualized based on 365 days/year) -- -- --
(ix)Charge-Offs 0.00 0.00 0.00
(x)Servicing Fee -- -- --
(xi)Pool Factor 1.0000000 1.0000000 1.0000000
(xii)Unreimbursed Reallocated Principal Collections -- 0.00 0.00
(xiii)Excess Funding Account Balance -- -- --
Pre-Funding Account Balance -- -- --
(xiv)Class C Reserve Amount -- -- --
Class C Reserve Account Balance -- -- --
Class C Trigger Event Occurrence -- -- --
(xv)Number of New Accounts Added to the Trust -- -- --
(xvi)Average Net Portfolio Yield -- -- --
(xvii)Minimum Base Rate -- -- --
(xviii)Principal Funding Account Balance -- -- --
(xix)Accumulation Shortfall -- -- --
(xx)Scheduled Commencement date of the Accumulation Period -- -- --
Accumulation Period Length -- -- --
(xxi)Required Reserve Account Amount -- -- --
Available Reserve Account Amount -- -- --
Covered Amount -- -- --
Class D Total
(i)Certificate Amount 55,250,000.00 850,000,000.00
(ii)Certificate Principal Distributed -- 0.00
(iii)Certificate Interest Distributed -- 4,482,753.01
(iv)Principal Collections 2,785,175.05 43,051,164.36
(v)Finance Charge Collections 1,237,876.24 19,139,051.67
Recoveries 20,403.94 313,906.79
Principal Account Earnings 0.00 0.00
Accum. Period Reserve Acct. Earnings 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00
Total Finance Charge Collections 1,258,280.18 19,452,958.46
Total Collections 4,043,455.23 62,504,122.82
(vi)Aggregate Amount of Principal Receivables -- 3,948,491,755.77
Invested Amount (End of Mth) 55,250,000.00 850,000,000.00
Floating Allocation Percentage 1.3992685% 21.5272072%
Fixed/Floating Allocation Percentage N/A 0.0000000%
Invested Amount (Beg. of Mth) 55,250,000.00 850,000,000.00
Average Daily Invested Amount -- 849,730,288.15
(vii)Receivable Delinquencies (As a % of Total Receivables) -- --
Current 83.65% 3,474,379,226.36
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.53% 312,765,460.14
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 3.01% 124,853,829.63
90 Days and Over (60+ Days Contractually Delinquent) 5.81% 241,366,771.23
Total Receivables 100.00% 4,153,365,287.36
(viii)Aggregate Investor Default Amount -- 7,989,782.62
As a % of Average Daily Invested Amount -- --
(Annualized based on 365 days/year) -- 12.26%
(ix)Charge-Offs -- 0.00
(x)Servicing Fee -- 1,304,109.59
(xi)Pool Factor -- --
(xii)Unreimbursed Reallocated Principal Collections 0.00 0.00
(xiii)Excess Funding Account Balance -- 0.00
Pre-Funding Account Balance -- 0.00
(xiv)Class C Reserve Amount -- 21,250,000.00
Class C Reserve Account Balance -- 21,250,000.00
Class C Trigger Event Occurrence -- Yes
(xv)Number of New Accounts Added to the Trust -- 73,204
(xvi)Average Net Portfolio Yield -- 17.5857%
(xvii)Minimum Base Rate -- 8.8036%
(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 Feb-1999
<S> <C> <C> <C>
Section 5.2 Class A Class B Class C
(i)Certificate Amount 455,000,000.00 101,500,000.00 98,000,000.00
(ii)Certificate Principal Distributed 0.00 0.00 0.00
(iii)Certificate Interest Distributed 1,817,884.76 423,685.36 456,333.30
(iv)Principal Collections 23,052,563.86 5,142,495.01 4,965,167.60
(v)Finance Charge Collections 10,248,549.63 2,286,214.91 2,207,379.91
Recoveries 168,032.46 37,484.16 36,191.61
Principal Account Earnings 0.00 0.00 0.00
Accum. Period Reserve Acct. Earnings 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00
Total Finance Charge Collections 10,416,582.09 2,323,699.07 2,243,571.52
Total Collections 33,469,145.95 7,466,194.08 7,208,739.12
(vi)Aggregate Amount of Principal Receivables -- -- --
Invested Amount (End of Month) 455,000,000.00 101,500,000.00 98,000,000.00
Floating Allocation Percentage 11.5233874% 2.5706018% 2.4819604%
Fixed/Floating Allocation Percentage N/A N/A N/A
Invested Amount (Beginning of Month) 455,000,000.00 101,500,000.00 98,000,000.00
Average Daily Invested Amount -- -- --
(vii)Receivable Delinquencies (As a % of Total Receivables) -- -- --
Current -- -- --
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) -- -- --
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) -- -- --
90 Days and Over (60+ Days Contractually Delinquent) -- -- --
Total Receivables -- -- --
(viii)Aggregate Investor Default Amount -- -- --
As a % of Average Daily Invested Amount
(Annualized based on 365 days/year) -- -- --
(ix)Charge-Offs 0.00 0.00 0.00
(x)Servicing Fee -- -- --
(xi)Pool Factor 1.0000000 1.0000000 1.0000000
(xii)Unreimbursed Reallocated Principal Collections -- 0.00 0.00
(xiii)Excess Funding Account Balance -- -- --
Pre-Funding Account Balance -- -- --
(xiv)Class C Reserve Amount -- -- --
Class C Reserve Account Balance -- -- --
Class C Trigger Event Occurrence -- -- --
(xv)Number of New Accounts Added to the Trust -- -- --
(xvi)Average Net Portfolio Yield -- -- --
(xvii)Minimum Base Rate -- -- --
(xviii)Principal Funding Account Balance -- -- --
(xix)Accumulation Shortfall -- -- --
(xx)Scheduled Commencement date of the Accumulation Period -- -- --
Accumulation Period Length -- -- --
(xxi)Required Reserve Account Amount -- -- --
Available Reserve Account Amount -- -- --
Covered Amount -- -- --
Class D Total
(i)Certificate Amount 45,500,000.00 700,000,000.00
(ii)Certificate Principal Distributed -- 0.00
(iii)Certificate Interest Distributed -- 2,697,903.41
(iv)Principal Collections 2,296,808.40 35,457,034.88
(v)Finance Charge Collections 1,021,011.65 15,763,156.11
Recoveries 16,803.25 258,511.47
Principal Account Earnings 0.00 0.00
Accum. Period Reserve Acct. Earnings 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00
Total Finance Charge Collections 1,037,814.90 16,021,667.58
Total Collections 3,334,623.30 51,478,702.46
(vi)Aggregate Amount of Principal Receivables -- 3,948,491,755.77
Invested Amount (End of Month) 45,500,000.00 700,000,000.00
Floating Allocation Percentage 1.1523387% 17.7282883%
Fixed/Floating Allocation Percentage N/A 0.0000000%
Invested Amount (Beginning of Month) 45,500,000.00 700,000,000.00
Average Daily Invested Amount -- 699,844,899.17
(vii)Receivable Delinquencies (As a % of Total Receivables) -- --
Current 83.65% 3,474,379,226.36
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 7.53% 312,765,460.14
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 3.01% 124,853,829.63
90 Days and Over (60+ Days Contractually Delinquent) 5.81% 241,366,771.23
Total Receivables 100.00% 4,153,365,287.36
(viii)Aggregate Investor Default Amount -- 6,580,362.90
As a % of Average Daily Invested Amount
(Annualized based on 365 days/year) -- 12.26%
(ix)Charge-Offs -- 0.00
(x)Servicing Fee -- 1,073,972.60
(xi)Pool Factor -- --
(xii)Unreimbursed Reallocated Principal Collections 0.00 0.00
(xiii)Excess Funding Account Balance -- 0.00
Pre-Funding Account Balance -- 0.00
(xiv)Class C Reserve Amount -- 0.00
Class C Reserve Account Balance -- 0.00
Class C Trigger Event Occurrence -- No
(xv)Number of New Accounts Added to the Trust -- 73,204
(xvi)Average Net Portfolio Yield -- 17.5859%
(xvii)Minimum Base Rate -- 7.2998%
(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 Feb-1999
<S> <C> <C> <C>
Section 5.2 Class A Class B Total
(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 2,133,786.67 -- 2,133,786.67
(iv)Principal Collections 25,332,487.76 2,502,271.66 27,834,759.42
(v)Finance Charge Collections 11,262,142.47 1,112,359.80 12,374,502.27
Recoveries 184,651.05 18,262.19 202,913.24
Initial Interest Funding Account Deposit 0.00 0.00 0.00
Interest Earned on Accounts 0.00 0.00 0.00
Total Finance Charge Collections 11,446,793.52 1,130,621.99 12,577,415.51
Total Collections 36,779,281.28 3,632,893.65 40,412,174.93
(vi)Aggregate Amount of Principal Receivables -- -- 3,948,491,755.77
Invested Amount (End of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Floating Allocation Percentage 12.6630630% 1.2523909% 13.9154539%
Fixed/Floating Allocation Percentage 12.6630630% 1.2523909% 13.9154539%
Invested Amount (Beginning of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Average Daily Invested Amount -- -- 549,389,582.10
(vii)Receivable Delinquencies (As a % of Total Receivables) -- -- --
Current -- 83.65% 3,474,379,226.36
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) -- 7.53% 312,765,460.14
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) -- 3.01% 124,853,829.63
90 Days and Over (60+ Days Contractually Delinquent) -- 5.81% 241,366,771.23
Total Receivables -- 100.00% 4,153,365,287.36
(viii)Aggregate Investor Default Amount -- -- 5,165,776.83
As a % of Average Daily Invested Amount
(Annualized based on 365 days/year) -- -- 12.26%
(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 -- -- 73,204
(xiv)Average Gross Portfolio Yield -- -- 29.84%
Average Net Portfolio Yield -- -- 17.59%
(xv)Minimum Base Rate -- -- 7.49%
Excess Spread -- -- 10.10%
(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 Feb-1999
<S> <C> <C> <C>
Section 5.2 Class A Class B Total
(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 2,172,675.56 -- 2,172,675.56
(iv)Principal Collections 25,332,487.76 2,502,103.34 27,834,591.10
(v)Finance Charge Collections 11,262,142.47 1,112,273.23 12,374,415.70
Recoveries 184,651.05 18,262.19 202,913.24
Initial Interest Funding Account Deposit 0.00 0.00 0.00
Interest Earned on Accounts 0.00 0.00 0.00
Total Finance Charge Collections 11,446,793.52 1,130,535.42 12,577,328.94
Total Collections 36,779,281.28 3,632,638.76 40,411,920.04
(vi)Aggregate Amount of Principal Receivables -- -- 3,948,491,755.77
Invested Amount (End of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Floating Allocation Percentage 12.6630630% 1.2523909% 13.9154539%
Fixed/Floating Allocation Percentage 12.6630630% 1.2523909% 13.9154539%
Invested Amount (Beginning of Month) 500,000,000.00 49,450,550.00 549,450,550.00
Average Daily Invested Amount -- -- 549,385,564.24
(vii)Receivable Delinquencies (As a % of Total Receivables) -- --
Current -- 83.65% 3,474,379,226.36
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) -- 7.53% 312,765,460.14
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) -- 3.01% 124,853,829.63
90 Days and Over (60+ Days Contractually Delinquent) -- 5.81% 241,366,771.23
Total Receivables -- 100.00% 4,153,365,287.36
(viii)Aggregate Investor Default Amount -- -- 5,165,745.63
As a % of Average Daily Invested Amount
(Annualized based on 365 days/year) -- -- 12.26%
(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 -- -- 73,204
(xiv)Average Gross Portfolio Yield -- -- 29.84%
Average Net Portfolio Yield -- -- 17.59%
(xv)Minimum Base Rate -- -- 7.59%
Excess Spread -- -- 10.00%
(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>
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