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 September 19, 2005
                        (Date of earliest event reported)

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


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


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

                                 (952) 525-5020
                         (Registrant's telephone number)

                                 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 8.01.  Other Events

     On September  19,  2005,  Metris  Companies  Inc.  (Metris)  issued a press
release  announcing that it has entered into a definitive issuing agreement with
Discover  Financial  Services LLC to issue credit cards on the Discover Network.
The credit card will be issued by Metris'  subsidiary,  Direct  Merchants Credit
Card Bank,  N.A.,  and is expected to be  available  to  customers by the end of
2005. A copy of the press release is filed herewith as Exhibit 99.1.

     On September  19,  2005,  Metris  Companies  Inc.  (Metris)  issued a press
release  announcing  that  Metris and the Red Hat  Society  have  launched a new
MasterCard credit card designed especially for Red Hat Society members.  The Red
Hat Society(R) Platinum  MasterCard(R) card is being issued by Metris subsidiary
Direct  Merchants  Credit Card Bank,  N.A., a copy of the press release is filed
herewith as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

99.1     Metris Companies Inc. press release dated September 19, 2005.
99.2     Metris Companies Inc. press release dated September 19, 2005.


                                   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:  September 21, 2005        By:/s/William A. Houlihan
                                     William A. Houlihan
                                     Executive Vice President
                                       and Chief Financial Officer



                                  EXHIBIT INDEX

Exhibit No.  Description

99.1         Metris Companies Inc. press release dated September 19, 2005.
99.2         Metris Companies Inc. press release dated September 19, 2005.