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): February 27, 2003

                              METRIS COMPANIES INC.
             (Exact name of registrant as specified in its charter)

                                    Delaware
                            (State of incorporation)

                               1-12351 41-1849591
           (Commission file number) (IRS employer identification no.)

            10900 Wayzata Boulevard, Minnetonka, Minnesota 55305-1534
                    (Address of principal executive offices)

                          (952) 525-5020 (Registrant's
                                telephone number)

                                 Not Applicable
          (Former name or former address, if changed since last report)

Item 5.  Other Events.

         On February 27, 2003, Metris Companies Inc. issued a press release
correcting a prior announcement.  Attached hereto as Exhibit 99.1 is a copy of
that press release.

Item 7(c).  Exhibits.

         The following Exhibit is filed as part of this Report.

         99.1   Press release of Metris Companies Inc., dated February 27, 2003.



                                                    SIGNATURES

         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 COMPANIES INC.

                                            By: _______________________________
                                            David D. Wesselink
                                            Chairman and CEO
Dated:  February 27, 2003





                                                   EXHIBIT INDEX

Exhibit No.     Description
99.1            Press release of Metris Companies Inc., dated February 27, 2003.