SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C.  20549
                    ____________________

                          FORM 10-K

      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended       0-23961
December 31, 1997               Commission file
                                number
____________________

                     METRIS MASTER TRUST
           Metris Receivables, Inc., as Transferor
   (Exact name of registrant as specified in its charter)

           Delaware                     41-1810301
   (State of Incorporation)          (I.R.S. Employer
                                    Identification No.)

  4400 Baker Road, Suite F-470, Minnetonka, Minnesota 55343
          (Address of principal executive offices)

                       (612) 525-5020
    (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
None

6.45% Asset Backed Certificates, Series 1996-1, Class A
6.80% Asset Backed Certificates, Series 1996-1, Class B

6.87% Asset Backed Certificates, Series 1997-1, Class A
7.11% Asset Backed Certificates, Series 1997-1, Class B

Floating Rate Asset Backed Certificates, Series 1997-2, Class A
Floating Rate Asset Backed Certificates, Series 1997-2, Class B

The Registrant has no voting stock or class of common stock
outstanding as of the date of this report.

Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the
past 90 days.  Yes X  No

The aggregate principal amount of Certificates held by non
affiliates as of December 31, 1997 was approximately
$1,884,500,000.


                      TABLE OF CONTENTS

PART I
                                                              Page

Item 1. Business                                                3

Item 2. Properties                                              3

Item 3. Legal Proceedings                                       3

Item 4. Submission of Matters to a Vote of Security Holders     4

PART II

Item 5. Market for Registrant's Common Equity and
        Related Stockholder Matters                             4

Item 6. Selected Financial Data                                 4

Item 7. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                     4

Item 8. Financial Statements and Supplementary Data             4

Item 9. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure                     4

PART III

Item 10. Directors and Executive Officers of the Registrant     4

Item 11. Executive Compensation                                 4

Item 12. Security Ownership of Certain Beneficial
         Owners and Management                                  5

Item 13. Certain Relationships and Related Transactions         5

PART IV

Item 14.Exhibits, Financial Statement Schedules
        and Reports on Form 8-K                                 5

Signatures                                                      6
PART I

          The Metris Master Trust (the "Trust" or the
     "Registrant") was originated by Metris Receivables Inc.
     f/k/a Fingerhut Financial Services Receivables Inc.
     (the "Transferor"), as Transferor under the Pooling and
     Servicing Agreement dated as of May 26, 1995, as
     amended (the P&S Agreement") by and among the
     Transferor, Direct Merchants Credit Card Bank, National
     Association, as servicer (the "Servicer") and The Bank
     of New York (Delaware), as trustee.  The P&S is
     supplemented by various series supplements providing
     for the issuance of certificates in varying series.
     The Series 1996-1 Supplement dated as of April 23, 1996
     to the P&S Agreement provided for the issuance of the
     Asset Backed Certificates, Series 1996-1 (the "Series
     1996-1 Certificates"). The Series 1997-1 Supplement
     dated as of May 8, 1997 to the P&S Agreement provided
     for the issuance of another series of Asset Backed
     Certificates, (the "Series 1997-1 Certificates").  The
     Series 1997-2 Supplement dated as of November 20, 1997
     to the P&S Agreement provided for another series of
     Asset Backed Certificates (the "Series 1997-2
     Certificates").  Hereafter, Series 1996-1 Certificates,
     Series 1997-1 Certificates, and Series 1997-2
     Certificates are collectively referred to as the
     "Certificates."  The Certificates represent interests
     in the Trust only and do not represent interests in or
     obligations of Metris Receivables Inc., Direct
     Merchants Credit Card Bank, National Association,
     Metris Companies Inc. or any affiliate thereof.  There
     are four classes of Certificates in each series.  Class
     A and Class B are to be registered pursuant to Section
     12(g), Class C is privately held and the Transferor
     holds Class D.  The Transferor has retained the
     transferor's interest in the Trust.

          The Registrant has prepared this Form 10-K in
     reliance upon various no-action letters issued by the
     Securities and Exchange Commission (the "Commission")
     to other trusts which are substantially similar to the
     Trust.  Items designated herein as "Not Applicable"
     have been omitted as a result of this reliance.

Item 1.   Business

          Not Applicable

Item 2.   Properties

          The Trust's sole asset is a pool of credit card
     receivables originated or acquired by Direct Merchants
     Credit Card Bank, National Association.

Item 3.   Legal Proceedings

          Metris Receivables Inc. is not aware of any
     material pending litigation involving the Registrant,
     the Trustee, the Seller, or the Servicer with respect
     to the Certificates or the Registrant's Property.

Item 4.   Submission of Matters to a Vote of Security Holders

          No vote or consent of holders of any Class A or
     Class B Certificates was solicited for any purpose
     during the year ended December 31, 1997.

PART II

Item 5.   Market for the Registrant's Common Equity and
          Related Stockholders Matters

          Each Class of the Certificates representing
     investors' interests in the Trust is represented by a
     single Certificate of such Class registered in the name
     of Cede & Co. ("Cede"), the nominee of The Depository
     Trust Company.  To the best knowledge of the
     Registrant, there is no established public trading
     market for the Certificates.

Item 6.   Selected Financial Data

          Not applicable.

Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

          Not applicable.

Item 8.   Financial Statements and Supplementary Data

          Not applicable.

Item 9.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure

          None.

PART III

Item 10.  Directors and Executive Officers of the Registrant

          Not applicable.

Item 11.  Executive Compensation

          Not applicable.

Item 12.  Security Ownership of Certain Beneficial Owners
          and Management

          The Certificates representing investors' interests
     in the Trust are represented by a single Certificate
     registered in the name of Cede, the nominee of DTC, and
     an investor holding an interest in the Trust is not
     entitled to receive a Certificate representing such
     interest except in certain limited circumstances.
     Accordingly, Cede is the sole holder of record of
     Certificates, which it holds on behalf of brokers,
     dealers, banks and other direct participants in the DTC
     system.  Such direct participants may hold Certificates
     for their own accounts or for the accounts of their
     customers.  The name and address of Cede is :

                    Cede & Co.
                    c/o The Depository Trust Company
                    Seven Hanover Square
                    New York, New York  10004

          The Seller is not aware of any Schedules 13D or
     13G filed with the Commission in respect of the
     Certificates.

Item 13.  Certain Relationships and Related Transactions

          Not applicable.

PART IV

Item 14.  Exhibits, Financial Statement Schedules, and
          Reports on Form 8-K

     (a)  1.   Financial Statements:

               Not Applicable

          2.   Financial Statement Schedules:

               Not Applicable

          3.   See Exhibit 99 below


     (b)  The following reports on Form 8-K were filed
          during the fourth fiscal quarter of 1997.

          Date of Report           Items Covered
          October 20, 1997         Certificateholders' Statement with
          November 24, 1997        respect to distribution made during such
          December 22, 1997        months


     (c)  Exhibit 99
       99.1   Annual Servicer's Certificate dated March 30, 1998.
       99.2   Supplementary Metris Master Trust
       99.3   Independent Public Accountants Review of Agreed Upon Procedures

     (d)  Not applicable.

SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of
the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on this 30th day of
March, 1998.

                              METRIS MASTER TRUST
                              METRIS RECEIVABLES, INC.
                              (Registrant)


                              By:/s/
                                   Robert W. Oberrender
                                   President and Treasurer
                                   Metris Receivables, Inc.,
                                   as Transferor

                      INDEX TO EXHIBITS


Exhibit       Description of
Number        Exhibit

99.1          Annual Servicer's Certificate

99.2          Supplementary Master Trust Data

99.3          Independent Public Accountant's Review of Agreed
              Upon Procedures