Document:

<PAGE>
                                                                 EXHIBIT 10.6(b)

                                 AMENDMENT NO. 2

         AMENDMENT NO. 2, dated as of March 17, 2003 (this "AMENDMENT"), to the
AMENDED AND RESTATED CREDIT AGREEMENT (the "CREDIT AGREEMENT"), dated as of July
21, 2000, as previously amended, among METRIS COMPANIES INC., a Delaware
corporation (the "BORROWER"), the lenders party thereto (the "LENDERS"), BANK OF
AMERICA, N.A., as syndication agent, DEUTSCHE BANK AG, NEW YORK BRANCH, as
co-documentation agent, U.S. BANK NATIONAL ASSOCIATION, as co-documentation
agent, BARCLAYS BANK PLC, as co-agent, and JPMORGAN CHASE BANK, as
Administrative Agent.

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to
make, and have made, certain loans and other extensions of credit to the
Borrower; and

         WHEREAS, the Borrower has requested, and, upon this Amendment becoming
effective, the Lenders have agreed, to amend the Credit Agreement on the terms
and conditions contained herein.

         NOW, THEREFORE, for valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and in consideration of the premises contained
herein, the parties hereto hereby agree as follows:

                              SECTION I. AMENDMENT

         1.1 DEFINED TERMS. Unless otherwise defined herein, capitalized terms
which are defined in the Credit Agreement are used herein as defined therein.

         1.2 AMENDMENTS TO SECTION 1.01. (a) The definition of "Loan Documents"
contained in Section 1.01 of the Credit Agreement is hereby amended by adding,
to the end thereof, the words "and the Securities Account Pledge Agreement
(except that the Securities Account Pledge Agreement shall not constitute a Loan
Document for the purposes of Section 9.08(b))".

         (b) Section 1.01 of the Credit Agreement is hereby amended by adding
the following new definitions in the appropriate alphabetical order:

         "MAJORITY REVOLVING LENDERS" shall mean, at any time, Lenders having
    Revolving Exposures and unused Revolving Commitments representing more than
    50% of the sum of the total Revolving Exposures and unused Revolving
    Commitments at such time.

         "SECOND AMENDMENT EFFECTIVE DATE" shall mean the date of effectiveness
    of Amendment No. 2 to this Agreement.

         "SECURITIES ACCOUNT PLEDGE AGREEMENT" shall mean the Securities Account
    Pledge Agreement of even date herewith made by the Borrower in favor of U.S.
    Bank National Association.

         1.3 AMENDMENT TO ARTICLE II. Article II of the Credit Agreement is
hereby amended by adding the following new Section 2.20 to the end thereof:

         2.20 CERTAIN MATTERS RELATING TO THE REVOLVING LENDERS. Notwithstanding
    anything to the contrary in this Agreement, (a) immediately after the
    effectiveness of Amendment No. 2 to this Agreement, the Total Revolving
    Commitment and the Total LC Commitment shall automatically be permanently
    reduced to $7,304,000, and thereafter no Revolving Loans or other

<PAGE>
                                                                               2

    extensions of credit may be outstanding thereunder other than Letters of
    Credit in existence on such date and renewals, extensions or replacements
    thereof, (b) subject to clause (c) below, if any such Letter of Credit shall
    expire, be cancelled or be reduced in amount, the Total Revolving Commitment
    and the Total LC Commitment shall automatically be permanently reduced by an
    amount equal to the undrawn face amount thereof or the amount of such
    reduction, as the case may be (it being understood that this clause (b)
    replaces in its entirety Section 2.10(a) of this Agreement), (c) if agreed
    by the Administrative Agent and the relevant Issuing Bank, the expiration
    date of any Letter of Credit may be extended (including pursuant to a
    renewal or replacement) to any date occurring no later than the first
    anniversary of the Revolving Maturity Date, (d) the obligations of the
    Lenders pursuant to Section 2.14(e) shall terminate on the day that is 91
    days after the day on which the Borrower complies with clause (g) below
    unless, on such day, a Default or Event of Default under paragraph (i) or
    (j) with respect to the Borrower is in existence, (e) the Securities Account
    Pledge Agreement may be amended, waived or otherwise modified only with the
    consent of the Borrower, U.S. Bank National Association and the Majority
    Revolving Lenders (except that any such amendment, waiver or modification
    providing for a release of collateral, other than pursuant to the express
    terms of the Securities Account Pledge Agreement, shall require the consent
    of all Revolving Lenders), (f) from and after the Second Amendment Effective
    Date, the Borrower shall not accept, or agree to, any amendment, waiver or
    other modification to this Agreement or any other Loan Document without the
    written consent of the Majority Revolving Lenders, and (g) on the Second
    Amendment Effective Date, the Borrower shall cash collateralize all
    outstanding Letters of Credit, in an amount equal to 110% of the face amount
    thereof, pursuant to the Securities Account Pledge Agreement (to the extent
    not previously cash collateralized).

         1.4 AMENDMENT TO SECTION 6.03. Section 6.03 of the Credit Agreement is
hereby amended by adding the following new paragraph (l) to the end thereof:

         "(l) Liens on cash, cash equivalents, certificates of deposit or
    comparable investments in an aggregate amount of up to 110% of the LC
    Exposure incurred to secure the LC Exposure."

                            SECTION II. MISCELLANEOUS

         2.1 CONDITIONS TO EFFECTIVENESS OF AMENDMENT. This Amendment shall
become effective as of the date first set forth above upon the Administrative
Agent having received counterparts of this Amendment duly executed and delivered
by the Borrower and the Required Lenders (but in any event including each
Revolving Lender).

         2.2 REPRESENTATIONS AND WARRANTIES. The Borrower represents and
warrants to each Lender that as of the effective date of this Amendment: (a) the
representations and warranties made by the Loan Parties in the Loan Documents
are true and correct in all material respects on and as of the date hereof
(except to the extent that such representations and warranties are expressly
stated to relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects on and as
of such earlier date); and (b) no Default or Event of Default shall have
occurred and be continuing as of the date hereof

         2.3 COUNTERPARTS. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts (including by
facsimile transmission), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be lodged with the Borrower and the
Administrative Agent.

         2.4 CONTINUING EFFECT; NO OTHER AMENDMENTS. Except to the extent
expressly stated herein, all of the terms and provisions of the Credit Agreement
and the other Loan Documents are and

<PAGE>

                                                                               3

shall remain in full force and effect and are not waived in any respect. This
Amendment shall constitute a Loan Document.

         2.5 PAYMENT OF EXPENSES. The Borrower agrees to pay and reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and
reasonable expenses incurred to date in connection with this Amendment and the
other Loan Documents, including, without limitation, the reasonable fees and
disbursements of legal counsel to the Administrative Agent.

         2.6 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

                                                                               4

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                METRIS COMPANIES INC., as Borrower

                                By: /s/ Scott R. Fjellman
                                   ---------------------------------------------
                                      Name: Scott R. Fjellman
                                      Title: Senior Vice President and Treasurer

                                By: /s/ Jeffrey D. Grosklags
                                   ---------------------------------------------
                                      Name: Jeffrey D. Grosklags
                                      Title: Senior Vice President,
                                             Credit Card Finance

                                JPMORGAN CHASE BANK, as Administrative Agent
                                and a

                                By: /s/ Roger A. Parker
                                   ---------------------------------------------
                                      Name: Roger A. Parker
                                      Title: Vice President

                                BANK OF AMERICA, N.A.

                                By: /s/ Timothy C. Hintz
                                   ---------------------------------------------
                                      Name: Timothy C. Hintz
                                      Title: Managing Director

                                BARCLAYS BANK PLC

                                By: /s/ Alison A. McGuigan
                                   ---------------------------------------------
                                      Name: Alison A. McGuigan
                                      Title: Associate Director

                                DEUTSCHE BANK A.G., NEW YORK
                                AND/OR CAYMAN ISLANDS BRANCHES

                                By: /s/ Gayma Z. Shivnarain
                                   ---------------------------------------------
                                      Name: Gayma Z. Shivnarain
                                      Title: Director

                                By: /s/ Nicolas Rueda
                                   ---------------------------------------------
                                      Name: Nicolas Rueda
                                      Title: Associate

                                U.S. BANK NATIONAL ASSOCIATION

                                By: /s/ David Y. Kopolow
                                   ---------------------------------------------
                                      Name: David Y. Kopolow
                                      Title: Vice President

                                AMARA-1 FINANCE LTD.

<PAGE>

                                                                               5

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  AMARA-2 FINANCE LTD.

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  AVALON CAPITAL LTD.

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  AVALON CAPITAL LTD. II

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  CSAM FUNDING I

                                  By: /s/ Andrew H. Marshak
                                     -------------------------------------------
                                        Name: Andrew H. Marshak
                                        Title: Authorized Signatory

                                  CSAM FUNDING II

                                  By: /s/ Andrew H. Marshak
                                     -------------------------------------------
                                        Name: Andrew H. Marshak
                                        Title: Authorized Signatory

                                  CALLIDUS DEBT PARTNERS CDO FUND I

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  CERES FINANCE, LTD.

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

<PAGE>
                                                                               6

                                  CERES II FINANCE LTD.

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  CHARTER VIEW PORTFOLIO

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  FIRST DOMINION FUNDING I

                                  By: /s/ Andrew H. Marshak
                                     -------------------------------------------
                                        Name: Andrew H. Marshak
                                        Title: Authorized Signatory

                                  FIRST DOMINION FUNDING II

                                  By: /s/ Andrew H. Marshak
                                     -------------------------------------------
                                        Name: Andrew H. Marshak
                                        Title: Authorized Signatory

                                  FIRST DOMINION FUNDING III

                                  By: /s/ Andrew H. Marshak
                                     -------------------------------------------
                                        Name: Andrew H. Marshak
                                        Title: Authorized Signatory

                                  HARBOURVIEW CDO II

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  ML CLO XII PILGRIM AMERICA (CAYMAN)

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  OASIS COLLATERALIZED HIGH INCOME PORTFOLIO-1

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

<PAGE>
                                                                               7

                                  STANFIELD ARBITRAGE CDO, LTD.

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS ITS COLLATERAL MANAGER
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner

                                  STANFIELD CLO, LTD.

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS COLLATERAL MANAGER
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner

                                  STANFIELD CARRERA CLO, LTD.

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS ITS ASSET MANAGER
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner

                                  STANFIELD QUATTRO CLO, LTD.

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS ITS COLLATERAL MANAGER
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner

                                  STRATA FUNDING LIMITED

                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  SUNAMERICA SENIOR FLOATING RATE FUND, INC.

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS SUBADVISOR
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner

                                  VAN KAMPEN PRIME RATE INCOME TRUST
                                  By:
                                     -------------------------------------------
                                        Name:
                                        Title:

                                  WINDSOR LOAN FUNDING, LIMITED

                                  BY: STANFIELD CAPITAL PARTNERS LLC
                                      AS ITS INVESTMENT MANAGER
                                  By: /s/ Christopher E. Jansen
                                     -------------------------------------------
                                        Name: Christopher E. Jansen
                                        Title: Managing Partner<PAGE>
                                                                   EXHIBIT 10.15

                                                                  March 31, 2003

                              Metris Companies Inc.
                           Term Loan Commitment Letter

Metris Companies Inc.
10900 Wayzata Boulevard
Minnetonka, MN  55305

Attention:    John A. Witham

Ladies and Gentlemen:

         You have advised Thomas H. Lee Equity Fund IV, L.P. that Metris
Companies Inc., a Delaware corporation (the "Borrower"), intends to refinance
its existing $270,000,000 term loan and revolving credit facility, dated as of
July 21, 2000, as amended. In that connection, you have requested that Thomas H.
Lee Equity Fund IV, L.P. and certain of its affiliates (collectively, "THL")
commit to provide a term loan in an aggregate amount of $125,000,000 (the
"Credit Facility"). THL has access to funds sufficient to fund the term loans
under the Credit Facility.

         THL is pleased to advise you of its commitment to provide the entire
amount of the Credit Facility, directly or through one or more of its
affiliates, upon the terms and subject to the conditions set forth or referred
to in this commitment letter (this "Commitment Letter") and as agreed to in a
Summary of Terms and Conditions (the "Term Sheet"). As consideration for THL's
commitment hereunder, you agree to pay to THL the nonrefundable commitment fee
set forth in the Term Sheet.

         The Borrower shall have the right but not the obligation to solicit
offers from other persons and entities in lieu of the Credit Facility through
May 30, 2003. The Borrower may terminate this commitment upon notice to the THL,
whereupon THL shall be entitled to retain the nonrefundable commitment fee
described in the Term Sheet.

         THL's commitment hereunder is subject to (a) our not becoming aware
after the date hereof of any information or other matter affecting the Borrower
or the transactions contemplated hereby which is inconsistent in a material and
adverse manner with any such information or other matter disclosed to us prior
to the date hereof, (b) the negotiation, execution and delivery on or before
June 30, 2003 of definitive documentation with respect to the Credit Facility
satisfactory to THL, (c) there shall not have been after the date hereof a
material escalation of hostilities involving the United States, or the
occurrence of any other national or international calamity or crisis, or any
material adverse change in financial, political or economic conditions in the
United States or elsewhere, in any such case, which, in the reasonable judgment

<PAGE>

of THL exercised in good faith, has had or could reasonably be expected to have
a material adverse effect on the financial markets in the United States and (d)
the other conditions set forth or referred to in the Term Sheet.

         You agree (a) to indemnify and hold harmless THL, its affiliates and
their respective officers, directors, employees, advisors, and agents (each, an
"indemnified person") from and against any and all losses, claims, damages and
liabilities to which any such indemnified person may become subject arising out
of or in connection with this Commitment Letter, the Credit Facility, the use of
the proceeds thereof, or any related transaction or any claim, litigation,
investigation or proceeding relating to any of the foregoing, regardless of
whether any indemnified person is a party thereto, and to reimburse each
indemnified person upon demand for any reasonable legal or other expenses
incurred in connection with investigating or defending any of the foregoing,
provided that the foregoing indemnity will not, as to any indemnified person,
apply to losses, claims, damages, liabilities or related expenses to the extent
they arise from the willful misconduct or gross negligence of such indemnified
person; provided, however, that the Borrower will only be liable for the fees of
a single firm which shall act as common counsel for the indemnified persons,
except in the case where (i) an indemnified person reasonably determines based
on the written advice of legal counsel (a copy of which shall be provided to the
Borrower), in its judgment that having common counsel would present such counsel
with a conflict of interest, (ii) an indemnified person reasonably concludes
that there may be legal defenses available to it that are different form or in
addition to those available to other indemnified persons, or (iii) defense of
any action or proceeding is not assumed by the Borrower, and (b) to reimburse
THL and its affiliates on demand for all reasonable out-of-pocket expenses
(including reasonable due diligence expenses, travel expenses, and reasonable
fees, charges and disbursements of counsel) incurred in connection with the
Credit Facility and any related documentation (including this Commitment Letter,
the Term Sheet and the definitive financing documentation). No indemnified
person shall be liable for any damages arising from the use by unauthorized
persons of information or other materials sent through electronic,
telecommunications or other information transmission systems that are
intercepted by such persons or for any special, indirect, consequential or
punitive damages in connection with the Credit Facility. Your obligations under
this paragraph shall automatically terminate and be superseded by the provisions
of the definitive documentation relating to the Credit Facility upon the
effectiveness thereof.

         This Commitment Letter shall not be assignable by you without the prior
written consent of THL (and any purported assignment without such consent shall
be null and void), is intended to be solely for the benefit of the parties
hereto and is not intended to confer any benefits upon, or create any rights in
favor of, any person other than the parties hereto. This Commitment Letter may
not be amended or waived except by an instrument in writing signed by you and
THL. This Commitment Letter may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall
constitute one agreement. Delivery of an executed signature page of this
Commitment Letter by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. This Commitment Letter is the only
agreement that has been entered into among us with respect to the Credit
Facility and sets forth the entire understanding of the parties with respect
thereto. This Commitment Letter shall be governed by, and construed in
accordance with, the laws of the State of New York.

                                        2
<PAGE>

         This Commitment Letter is delivered to you on the understanding that
neither this Commitment Letter nor the Term Sheet nor any of their terms or
substance shall be disclosed, directly or indirectly, to any other person except
(a) to your officers, employees agents, advisors and independent accountants who
are directly involved in the consideration of this matter, (b) as may be
compelled in a judicial or administrative proceeding or as otherwise required by
law (in which case you agree to inform us as promptly as possible and in any
event in advance thereof), or (c) in connection with any filing Form 10K or 8K
filing with the Securities and Exchange Commission (the "SEC") or any other
filings or disclosure required by any regulatory authority or agency having
jurisdiction over any of the Borrower or its subsidiaries. Notwithstanding
anything to the contrary set forth herein or in any other agreement to which the
parties hereto are parties or by which they are bound, the obligations of
confidentiality contained herein and therein (the "Confidentiality
Obligations"), as they relate to the proposed Credit Facility and related
transactions, shall not apply to the "structure or tax aspects" (as that phrase
is used in Section 1.6011-4T(a)(3) (or any successor provision) of the Treasury
Regulations (the "Confidentiality Regulation") promulgated under Section 6011 of
the Internal Revenue Code of 1986, as amended) of the proposed transaction;
provided, however, that the Confidentiality Obligations nevertheless shall apply
at a given time to any and all items of information not required to be freely
disclosable at such time in order for the proposed transaction not to be treated
as "offered under conditions of confidentiality" within the meaning of the
Confidentiality Regulation.

         The commitment fee, reimbursement, indemnification and confidentiality
provisions contained herein shall remain in full force and effect regardless of
whether definitive financing documentation shall be executed and delivered and
notwithstanding the termination of this Commitment Letter or THL's commitment
hereunder; provided, that your obligations under this Commitment Letter, other
than those arising under the fourth and sixth paragraphs hereof, shall
automatically terminate and be superseded by the provisions of the definitive
documentation relating to the Credit Facility upon the effectiveness thereof.

         If the foregoing correctly sets forth our agreement, please indicate
your acceptance of the terms hereof and of the Term Sheet by returning to us
executed counterparts hereof not later than 12:00 p.m., New York City time, on
March 31, 2003. THL's commitment herein will expire at such time in the event
THL has not received such executed counterparts in accordance with the
immediately preceding sentence.

                                       3
<PAGE>

         THL is pleased to have been given the opportunity to assist you in
connection with this important financing.

                                           Very truly yours,

                                           THOMAS H. LEE EQUITY FUND IV, L.P.

                                           By: THL EQUITY ADVISORS IV, LLC
                                                    Its General Partner

                                           By: THOMAS H. LEE PARTNERS, L.P.
                                                    Its Managing Member

                                           By: THOMAS H. LEE ADVISORS, LLC
                                                    Its General Partner

                                           By:  /s/  THOMAS M. HAGERTY
                                                ------------------------------

Accepted and agreed to as of the date first written above by:

METRIS COMPANIES INC.

By:      /s/   JOHN A. WITHAM
   ----------------------------------------------
     Name:  John A. Witham
     Title: Executive Vice President and
            Chief Financial Officer

                                       4

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