UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*

                              Metris Companies Inc.
                                (Name of Issuer)

                                  COMMON STOCK
                         (Title of Class of Securities)

                                    591598107
                                 (CUSIP Number)

                                December 31, 2003
             (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                               |X| Rule 13d-1 (b)
                               |_| Rule 13d-1 (c)
                               |_| Rule 13d-1 (d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

1. NAME OF REPORTING PERSON
         S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  EIN 23-2856392
                  Schneider Capital Management Corporation





2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

                                (a) |_|
                                (b) |_|

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION
                PENNSYLVANIA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER
                146,550

6. SHARED VOTING POWER
                None

7. SOLE DISPOSITIVE POWER
                272,450

8. SHARED DISPOSITIVE POWER
                  None

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                  272,450

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                  |_|

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
                  0.47%

12. TYPE OF REPORTING PERSON
                  IA


                                      -2-



                              GENERAL INSTRUCTIONS

Item 1.

(a)      Name of Issuer
                           Metris Companies Inc.

(b)      Address of Issuer's Principal Executive Offices

                           10900 Wayzata Blvd.
                           Minnetonka, Minnesota 55305

Item 2.

(a) Name of Person Filing
                           SCHNEIDER CAPITAL MANAGEMENT CORPORATION

(b) Address of Principal Business Office or, if none, Residence

                           460 E. Swedesford Rd., Suite 1080
                           Wayne, PA 19087

(c) Citizenship
                           UNITED STATES

(d) Title of Class of Securities
                           COMMON STOCK


(e) CUSIP Number

                           591598107

Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b), or
240.13d-2(b) or (c), check whether the person filing is a:

(a)                        |_| Broker or dealer registered under Section 15 of
                           the Act

(b)                        |_| Bank as defined in section 3(a)(6) of the Act

(c)                        |_| Insurance company as defined in section 3(a)(19)
                           of the Act

(d)                        |_|  Investment company registered under section 8 of
                            the Investment Company Act of 1940

(e)                        |X| An investment adviser in accordance with
                           ss.240.13d-1(b)(1)(ii)(E)

(f)                        |_| An employee benefit plan or endowment fund in
                           accordance with ss.ss.240.13d-1(b)(1)(ii)(F)



                                      -3-



(g)                        |_| A parent holding company, in accordance with
                           ss.ss.240.13d-1(b)(1)(ii)(G)

(h)                        |_| A savings association as defined in Section 3(b)
                           of the Federal Deposit Insurance Act

(i)                        |_| A church plan that is excluded from the
                           definition of an investment company under Section
                           3(c)(14) of the Investment Company Act of 1940

(j)                        |_| Group, in accordance with
                           ss.ss.240.13d-1(b)(1)(ii)(H)

Item 4.  Ownership.

(a) Amount Beneficially Owned
        272,450

(b) Percent of Class
        0.47%

(c) Number of shares as to which such person has:

          (i)  sole power to vote or to direct the vote
                146,550

          (ii) shared power to vote or to direct the vote
                None

          (iii) sole power to dispose or to direct the disposition of
                272,450

          (iv) shared power to dispose or to direct the disposition of
                None

Item 5.  Ownership of Five Percent or Less of a Class
                  If this statement is being filed to report the fact that as of
                  the date hereof the reporting person has ceased to be the
                  beneficial owner of more than five percent of the class of
                  securities, check the following |X|.

Item 6.  Ownership of More than Five Percent on Behalf of Another Person.
                None

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
                N/A

Item 8.  Identification and Classification of Members of the Group.
                N/A

Item 9.  Notice of Dissolution of Group.



                                      -4-


                 N/A

Item 10. Certification.
                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired in
                  the ordinary course of business and were not acquired for the
                  purpose of or with the effect of changing or influencing the
                  control of the issuer of the securities and were not acquired
                  and are not held in connection with or as a participant in any
                  transaction having that purpose or effect.

                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                                 February 12, 2004
                                                 Date

                                                 /s/ Gary P. Soura, Jr.
                                                 ----------------------
                                                 Signature

                                                 GARY P. SOURA, JR.
                                                 SR. VICE PRESIDENT
                                                 Name/Title

         The original  statement  shall be signed by each person on whose behalf
the  statement is filed or his  authorized  representative.  If the statement is
signed  on behalf of a person by his  authorized  representative  other  than an
executive  officer or general  partner of the  filing  person,  evidence  of the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

         Attention:  Intentional  misstatements  or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)


                                      -5-



                                  AMENDED ITEMS


Number of Shares Beneficially Owned by Each Reporting Person With:

5.       Sole Voting Power
         146,550

7.       Sole Dispositive Power
         272,450

9.       Aggregate Amount Beneficially Owned by Each Reporting Person
         272,450

11.      Percent of Class Representing the Aggregate Amount Beneficially Owned
         by Each  Reporting Person
         0.47%