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

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 20, 2004

                              METRIS COMPANIES INC.
             (Exact name of registrant as specified in its charter)


         Delaware                     1-12351                   41-1849591
(State or other jurisdiction        (Commission               (IRS Employer
       of incorporation)            File number)           Identification No.)


10900 Wayzata Boulevard, Minnetonka, Minnesota                55305
     (Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code   (952) 525-5020

                                 Not Applicable
         (Former Name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


Item 2.02.  Results of Operations and Financial Condition

On October 20, 2004, Metris Companies Inc. issued a press release describing its
results of operations for the third quarter of 2004.  That press release is
furnished as Exhibit 99.1 to this report.

The information in this Current Report, including the exhibit attached hereto,
is being furnished pursuant to Items 2.02 and 7.01 of Form 8-K and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that Section, and such information shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.

Item 7.01.  Regulation FD Disclosure

On October 20, 2004, Metris Companies Inc. issued a press release describing its
results of operations for the third quarter of 2004.  That press release is
furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

99.1 Press release of Metris Companies Inc. dated October 20, 2004, reporting
financial results for its third quarter ended September 30, 2004.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                         METRIS COMPANIES INC.


Dated:  October 21, 2004                 By: /s/David D. Wesselink
                                             David D. Wesselink
                                             Chairman and CEO



                                  EXHIBIT INDEX

Exhibit No.   Description

99.1          Press release of Metris Companies Inc. dated October 20, 2004,
              reporting financial results for its third quarter ended
              September 30, 2004.