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, 2001 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:

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
Floating Rate Asset Backed Securities, Series 1998-3, Class A
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

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


                                TABLE OF CONTENTS
PART I
                                                                           Page

Item 1.    Business...........................................................3

Item 2.    Properties.........................................................4

Item 3.    Legal Proceedings..................................................4

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.................5

Item 11.   Executive Compensation.............................................5

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............................6
           and Reports on Form 8-K

Signatures....................................................................7

PART I

Item 1.  Business

     The Metris Master Trust (the "Trust" or the "Registrant") was originated by
Metris Receivables, Inc. f/k/a Fingerhut Financial Services Receivables Inc.
("MRI" or "Transferor"), as Transferor under the Pooling and Servicing Agreement
dated as of May 26, 1995, amended and restated July 30, 1998, and amended and
restated again on January 22, 2002 (the "Pooling and Servicing Agreement") (see
below for more details about the January 2002 amendments). The Pooling and
Servicing Agreement is supplemented by various series supplements providing for
the issuance of securities in series. Publicly registered and outstanding series
of securities of the Trust as of December 31, 2001 are the Series 1997-1
Certificates, Series 1997-2 Certificates, Series 1998-3 Securities, Series
1999-1 Securities, Series 1999-2 Securities, Series 1999-3 Securities, Series
2000-1 Securities, Series 2000-2 Securities, Series 2000-3 Securities, Series
2001-1 Securities, Series 2001-2 Securities, Series 2001-3 Securities, and
Series 2001-4 Securities (collectively referred to as the "Securities"). The
Securities 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 ("Direct Merchants Bank"), Metris Companies Inc.
("MCI") or any affiliate thereof.

     On January 22, 2002, each of the Trust's core program documents was amended
by the parties to each of those agreements. These amendments took the following
forms: (1) Second Amended and Restated Bank Receivables Purchase Agreement,
dated as of January 22, 2002, between Direct Merchants Bank, as Seller, and MCI,
as Buyer; (2) Second Amended and Restated Purchase Agreement, dated as of
January 22, 2002, between MCI, as Seller, and MRI, as Buyer; and (3) Second
Amended and Restated Pooling and Servicing Agreement, dated as of January 22,
2002, among MRI, as Transferor, Direct Merchants Bank, as Servicer, and U.S.
Bank National Association, as Trustee for the Trust. These agreements were
amended for various reasons, including (i) enhancing the characterization of the
transfers of the receivables as "sales" under applicable accounting guidelines,
(ii) providing for enhanced identification of the specific receivables
transferred and sold, (iii) providing the Transferor the option to hold the
Exchangeable Transferor Security issued by the Trust in uncertificated form and
(iv) updating and conforming various provisions of the agreements.

     The Registrant has prepared this Form 10-K in reliance upon various
no-action letters issued by the staff of 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 2.  Properties

     The Trust's primary asset is a pool of credit card receivables arising in
consumer credit accounts originated or acquired by Direct Merchants Bank.

Item 3.  Legal Proceedings

     The Transferor is not aware of any material pending litigation involving
the Trust or the Trustee with respect to the Securities or the Trust's Property.
The Transferor is aware that the Servicer is a party to various legal
proceedings resulting from the ordinary business activities relating to its
operations. In July 2000 an Amended Complaint was filed in Hennepin County Court
in Minneapolis, Minnesota against MCI, Metris Direct, Inc. ("MDI") and Direct
Merchants Bank. The complaint seeks damages in unascertained amounts and
purports to be a class action on behalf of all cardholders who were issued a
credit card by Direct Merchants Bank and were allegedly assessed fees or charges
that the cardholder did not authorize. Specifically, the complaint alleges
violations of the Minnesota Prevention of Consumer Fraud Act, the Minnesota
Deceptive Trade Practices Act and breach of contract. On February 1, 2002,
preliminary approval of a class action settlement was signed by the Court
whereby MCI, MDI and Direct Merchants Bank would pay approximately $5.5 million
for attorneys' fees and costs incurred by attorneys for the plaintiffs in
separate lawsuits filed in Arizona, California and Minnesota in 2000 and 2001.
Under the terms of the settlement, any wrongdoing or liability was denied. A
final settlement approval hearing is scheduled for May 30, 2002.

     The Transferor is also aware that on May 3, 2001, Direct Merchants Bank
agreed to a Stipulation and Consent to the Issuance of a Consent Order with the
Office of the Comptroller of the Currency. The Consent Order requires Direct
Merchants Bank to reimburse and make restitution to persons who applied for and
received a credit card in connection with certain of its credit card
solicitations from March 1999 to June 1, 2000. Under the terms of the
Stipulation and Consent, Direct Merchants Bank consented to the issuance of the
Consent Order but made no admission or agreement on the merits of the OCC's
assertions. Direct Merchants Bank believes that neither its agreement to the
Stipulation and Consent nor the issuance of the Consent Order will significantly
affect its operations or capital position. However, MRI cannot assure you of
this result. The OCC also indicated that it is considering whether or not to
pursue an assessment of civil money penalties and gave Direct Merchants Bank an
opportunity to provide information to the OCC bearing on whether imposing a
penalty would be appropriate and the severity of any penalty. The statutory
provisions pursuant to which a civil money penalty could be assessed give the
OCC broad discretion in determining whether or not a penalty will be assessed
and, if so, the amount of the penalty. No civil money penalty has been assessed
to date but because Direct Merhcants Bank is unable to determine whether or not
any civil money penalty might be assessed in the future there can be no
assurance that the resolution of this matter will not have a material adverse
effect on the financial position of Direct Merchants Bank or MCI.


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

                  None.
PART II

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

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

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

                         Cede & Co.
                         c/o The Depository Trust Company
                         55 Water Street
                         New York, New York  10041

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


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 Index


         (b)      The following reports on Form 8-K were filed during the fourth
                  fiscal quarter of 2001.

                  Filing Date of Report                       Items Covered
                  ---------------------                       -------------
                  October  18, 2001                           5 & 7
                  November  06, 2001                          5 & 7
                  December 04, 2001                           5 & 7
                  December  18, 2001                          5 & 7

(c)      See Exhibit Index

(d)      Not applicable.



<PAGE>



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 28th day of
March, 2002.

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


                                  By: /s/ Ralph A. Than
                                          Ralph A. Than
                                          Senior Vice President and Treasurer
                                          Metris Receivables, Inc.,
                                          as Transferor




                                INDEX TO EXHIBITS


Exhibit             Description of
Number              Exhibit

         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).

         99.1       Annual Servicer's Certificate dated March 28, 2002

         99.2       Supplementary Metris Master Trust Data

         99.3       Independent Public Accountant's Review of Agreed Upon
                    Procedures



                                                                 Exhibit 99.1

                          ANNUAL SERVICER'S CERTIFICATE
                            METRIS RECEIVABLES, INC.
                               METRIS MASTER TRUST

     The undersigned, a duly authorized representative of Direct Merchants
Credit Card Bank, National Association, as Servicer pursuant to the Second
Amended and Restated Pooling and Servicing Agreement dated January 22, 2002 (the
"Pooling and Servicing Agreement"), by and among Metris Receivables, Inc., as
transferor (the "Transferor"), Direct Merchants Credit Card Bank, National
Association, as servicer (the "Servicer"), and U.S. Bank National Association, a
national banking association, as trustee (the "Trustee"), does hereby certify
that:

     1. Direct Merchants Credit Card Bank, National Association, is Servicer
under the Pooling and Servicing Agreement.

     2. The undersigned is duly authorized pursuant to the Pooling and Servicing
Agreement to execute and deliver this Certificate to the Trustee.

     3. This Certificate is delivered pursuant to Section 3.5 of the Pooling and
Servicing Agreement.

     4. A review of the activities of the Servicer during the period from
January 1, 2001 until December 31, 2001 was conducted under my supervision.

     5. Based on such review, the Servicer has, to the best of my knowledge,
fully performed all of its obligations under the Pooling and Servicing Agreement
throughout such period and no default in the performance of such obligations has
occurred or is continuing except as set forth in paragraph 6 below.

     6. The following is a description of each default in the performance of the
Servicer's obligations under the provisions of the Pooling and Servicing
Agreement, including any Supplement, known to me to have been made during such
period which sets forth in detail (i) the nature of each such default, (ii) the
action taken by the Servicer, if any, to remedy each such default and (iii) the
current status of each such default:

                  None.

     IN WITNESS WHEREOF, the undersigned has duly executed this certificate on
March 28, 2002.

                           DIRECT MERCHANTS CREDIT CARD BANK,
                           NATIONAL ASSOCIATION, as Servicer

                                    /s/  Ralph A. Than
                           Name:    Ralph A. Than
                           Title:   Treasurer, Cashier



<PAGE>




                                                                 Exhibit 99.2

                         SUPPLEMENATRY MASTER TRUST DATA

                      [INCORPORATE TRUST DATA SPREADSHEET]



<PAGE>


                                                                 Exhibit 99.3

                         INDEPENDENT PUBLIC ACCOUNTANT'S
                        REVIEW OF AGREED UPON PROCEDURES

                            [INCORPORATE KPMG REPORT]