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Prospectus Supplement to Prospectus dated October 19, 2000
as supplemented by a Prospectus Supplement dated October 19, 2000
Metris Master Trust
$372,928,000 Class A Floating Rate Asset Backed Securities, Series 2000-3
$66,298,000 Class B Floating Rate Asset Backed Securities, Series 2000-3
Metris Receivables, Inc.
Transferor
Direct Merchants Credit Card Bank, National Association
Servicer
The underwriters have determined that neither the Class A securities nor the
Class B securities were held at the conclusion of the initial distribution of
those securities by at least 100 investors who were independent of the issuer
and of one another and, therefore, that neither the Class A securities nor the
Class B securities qualify as "publicly-offered securities." See "ERISA
Considerations" in the attached prospectus dated October 19, 2000. Accordingly,
neither the Class A securities nor the Class B securities may be acquired or
held by (a) any employee benefit plan that is subject to ERISA, (b) any plan or
other arrangement (including an individual retirement account or Keogh plan)
that is subject to Section 4975 of the U.S. Internal Revenue Code, or (c) any
entity whose underlying assets may be deemed to include "plan assets" under
ERISA by reason of any such plan's investment in the entity, including
insurance company general accounts. By its acceptance of a Class A security or
a Class B security, each Class A securityholder or Class B securityholder, as
applicable, will be deemed to have represented and warranted that it is not and
will not be subject to the foregoing limitation. This information supersedes
the information contained in the prospectus supplement dated October 19, 2000
under the captions "Structural Summary--ERISA Considerations" appearing at
pages S-7 and S-8 and the information under the caption "ERISA Considerations"
appearing at pages S-58 and S-59. Terms used in this prospectus supplement have
the meanings assigned to those terms in the prospectus supplement and
prospectus, each dated October 19, 2000.
The date of this prospectus supplement is October 31, 2000
