SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-K/A

                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, 2002                                     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.)

         10900 Wayzata Boulevard, Room 723, Minnetonka, Minnesota 55305
                    (Address of principal executive offices)

                                 (952) 417-5645
              (Registrant's telephone number, including area code)

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

Securities registered pursuant to Section 12(g) of the Act:

Floating Rate Asset Backed Securities, Series 1999-1, Class A Floating Rate
Asset Backed Securities, Series 1999-2, Class A Floating Rate Asset Backed
Securities, Series 2000-2, Class A Floating Rate Asset Backed Securities, Series
2001-3, Class A Floating Rate Asset Backed Securities, Series 2002-3, Class A


        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


         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (ss.229.405 of this chapter) is not contained herein,
and will not be contained, to the best of Registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part II of the Form
10-K or any amendment to this form 10-K. |_| [Not applicable].







         Indicate by check mark whether the Registrant is an accelerated filer
(as defined in rule 12b-2 of the Act).  Yes |_|  No|X|

         State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which the
common equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the Registrant's most recently completed
second fiscal quarter.


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


                       DOCUMENTS INCORPORATED BY REFERENCE

         [Not applicable].






                                                                EXPLANTORY NOTE

         This amendment to the Metris Master Trust Annual Report on Form 10-K
for the fiscal year ended December 31, 2002 is being filed for the purpose of
including as 99.4 to the Form 10-K an annual Independent Accountants Report to
the Servicer from KPMG LLP as to compliance by the Servicer with certain
servicing standards, including Management's Assertion in respect thereof. Other
than the inclusion of this additional exhibit, no changes are being made to the
Form 10-K, as filed with the SEC on March 31, 2003.


PART IV

Item 15. 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 Index

         (b)      The following reports on Form 8-K were filed during the
                  fourth fiscal quarter of 2002.

                  Filing Date of Report                       Items Covered
                  ---------------------                       -------------
                  October   16, 2002                          5 & 7
                  November  12, 2002                          5 & 7
                  December  17, 2002                          5 & 7

         (c)      See Exhibit Index

         (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 9th day of
May, 2003.

                          METRIS RECEIVABLES, INC., as
                          originator of the Metris Master Trust

                          By:      /s/ Scott R. Fjellman
                          Name:    Scott R. Fjellman
                          Title:   Senior Vice President and Treasurer
                                   Metris Receivables, Inc.,
                                   as Transferor






                                  Certification

I, John A. Witham, certify that:

1.   I have reviewed this amendment to the annual report on Form 10-K, the
     annual report on Form 10-K filed on March 31, 2003 and all reports on Form
     8-K containing distribution or servicing reports filed in respect of
     periods included in the year covered by this annual report, of Metris
     Master Trust;

2.   Based on my knowledge, the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material fact necessary to make the statements made, in light of the
     circumstances under which such statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge, the distribution or servicing information required
     to be provided to the trustee by the servicer under the pooling and
     servicing, or similar, agreement, for inclusion in these reports is
     included in these reports;

4.   Based on my knowledge and upon the annual compliance statement included in
     the report and required to be delivered to the trustee in accordance with
     the terms of the pooling and servicing, or similar, agreement, and except
     as disclosed in the reports, the servicer has fulfilled its obligations
     under the servicing agreement; and

5.   The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon the
     report provided by an independent public accountant, after conducting a
     review in compliance with the Uniform Single Attestation Program for
     Mortgage Bankers or similar procedure, as set forth in the pooling and
     servicing, or similar, agreement, that is included in these reports.



Date: May 9, 2003



         /s/ John A. Witham
Name:    John A. Witham
Title:   President - Metris Receivables, Inc.,
         as originator of the Metris Master Trust




                                                               INDEX TO EXHIBITS


Exhibit   Description of
Number    Exhibit

     3.1  Amended and Restated Certificate of Incorporation of Metris
          Receivables, Inc. (incorporated by reference to Exhibit 3(a) to the
          Registrant's Registration Statement on Form S-3, No. 333-23045).
     3.2  Bylaws of Metris Receivables, Inc. f/k/a Fingerhut Financial
          Services Receivables, Inc. (incorporated by reference to Exhibit 3(b)
          to the Registrant's Registration Statement on Form S-3, No. 33-99514).
    10.1  Second Amended and Restated Bank Receivables
          Purchase Agreement, dated as of January 22, 2002,
          between Direct Merchants Credit Card Bank, National
          Association, as Seller, and Metris Companies Inc.,
          as Buyer (incorporated by reference to Exhibit 4.1
          to the Registrant's Current Report on Form 8-K filed
          January 24, 2002).
    10.2  Second Amended and Restated Purchase Agreement, dated as of January
          22, 2002, between Metris Companies Inc., as Seller, and Metris
          Receivables, Inc., as Buyer (incorporated by reference to Exhibit 4.2
          to the Registrant's Current Report on Form 8-K filed
          January 24, 2002).
    10.3  Second Amended and Restated Pooling and Servicing
          Agreement, dated as of January 22, 2002, among
          Metris Receivables, Inc., as Transferor, Direct
          Merchants Credit Card Bank, National Association, as
          Servicer, and U.S. Bank National Association, as
          Trustee (incorporated by reference to Exhibit 4.3 to
          the Registrant's Current Report on Form 8-K filed
          January 24, 2002).
    10.4  Amendment No. 1 to the Second Amended and Restated Bank Receivables
          Purchase Agreement, dated as of June 14, 2002, between Metris
          Companies Inc., as Buyer, and Direct Merchants Credit Card Bank,
          National Association, as Seller (incorporated by reference to Exhibit
          4.1 to the Registrant's Current Report on Form 8-K filed June 18,
          2002).
    10.5  Amendment No. 1 to the Second Amended and Restated Purchase Agreement,
          dated as of June 14, 2002, between Metris Receivables, Inc., as Buyer,
          and Metris Companies Inc., as Seller (incorporated by reference to
          Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed June
          18, 2002).
    10.6  Amendment No. 1 to the Metris Master Trust Second Amended and Restated
          Pooling and Servicing Agreement, dated as of June 14, 2002, among
          Metris Receivables, Inc., as Transferor, Direct Merchants Credit Card
          Bank, National Association, as Servicer, and U.S. Bank National
          Association, as Trustee (incorporated by reference to Exhibit 4.3 to
          the Registrant's Current Report on Form 8-K filed June 18, 2002).
    99.1  Annual Servicer's Certificate dated March 27, 2003
          (incorporated by reference to Exhibit 99.1 to the Registrant's Annual
          Report on Form 10-K filed March 31, 2003).
    99.2  Supplementary Metris Master Trust Data
          (incorporated by reference to Exhibit 99.2 to the
          Registrant's Annual Report on Form 10-K filed March
          31, 2003).
    99.3  Independent Public Accountant's Review of Agreed Upon Procedures with
          exceptions  (incorporated by reference to Exhibit 99.3 to the
          Registrant's Annual Report on Form 10-K filed March 31, 2003).
    99.4  KPMG Independent Accounts Report to the Servicer






                                                                  Exhibit 99.4

                KPMG Independent Accounts Report to the Servicer

                         Independent Accountants' Report


The Board of Directors
Direct Merchants Credit Card Bank N.A.:

We have examined management's assertion,  included in the accompanying
Management's Assertion,  that Direct Merchants Credit Card Bank N.A.,
(the Servicer) complied with the minimum servicing  standards set forth in the
Mortgage Bankers  Association of America's Uniform
Single  Attestation  Program for Mortgage Bankers exclusive of standards I.2.,
I.4.,  III.3.,  III.4.,  V.2., V.3., and V.4., as of and
for the year  ended  December  31,  2002.  Management  is  responsible  for the
Servicer's  compliance  with those  minimum  servicing
standards.  Our  responsibility  is to express an  opinion on  management's
assertion  about the  Servicer's  compliance  based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Servicer's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Servicer's compliance with the minimum
servicing standards.

Our examination disclosed the following material event of noncompliance with the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers minimum servicing standard I.1, applicable to the Servicer for
the year ended December 31, 2002. Reconciliations for custodial bank accounts
and related bank clearing accounts were not prepared.

In our opinion, with the exception of the material noncompliance described in
the third paragraph, management's assertion that the Servicer complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2002 is fairly stated, in all material respects.






Minneapolis, Minnesota
April 4, 2003







                             Management's Assertion


As of and for the year ended December 31, 2002, Direct Merchants Credit Card
Bank N.A., (the "Servicer") complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers, except for the
following:

o    Minimum servicing standards I.2., I.4., III.3., III.4., V.2., V.3., and
     V.4., which the Servicer has interpreted as being inapplicable to credit
     card servicing.

o    Minimum servicing standard I.1 which the Servicer was not in compliance
     with at December 31, 2002 because reconciliations for custodial bank
     accounts and related bank clearing accounts had not been prepared. In April
     2003, the Servicer completed these bank reconciliations.

As of and for the same period, the Servicer had in effect a fidelity bond, and
errors and omissions policies in the amount of $55 million.



         /s/ Scott R. Fjellman
Name:    Scott R. Fjellman
Title:   Senior Vice President, Treasurer & Cashier



Date: May 9, 2003