Filed pursuant to Rule 424(b)(3)
                                                      Registration No. 333-47066


                                 [metris logo]


                             CURRENT INTEREST RATES

                This is a supplement to the Prospectus effective
                       October 11, 2000, as supplemented

        CURRENT INTEREST RATES FOR RENEWABLE UNSECURED SUBORDINATED NOTES
                                   OFFERED BY
                              METRIS COMPANIES INC.


                           EFFECTIVE JANUARY 13, 2003



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    PORTFOLIO
   AMOUNT (1)        $1,000 - $24,999       $25,000 - $49,999       $50,000 - $74,999      $75,000 - $99,999       $100,000 OR MORE
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                    Interest    Annual     Interest     Annual     Interest    Annual     Interest     Annual    Interest     Annual
    NOTE TERM        Rate %     Yield %     Rate %     Yield %      Rate %     Yield %     Rate %     Yield %     Rate %     Yield %
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   3 MONTH (2)        5.73       5.90        5.86        6.03        5.99       6.17        6.12        6.31       6.25        6.45
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   6 MONTH (2)        6.53       6.75        6.66        6.89        6.79       7.03        6.92        7.16       7.05        7.30
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   1 YEAR (3)         7.23       7.50        7.36        7.64        7.49       7.78        7.62        7.92       7.75        8.06
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   2 YEAR (3)         8.25       8.60        8.38        8.74        8.51       8.88        8.64        9.02       8.77        9.16
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   3 YEAR (3)         8.53       8.90        8.66        9.04        8.79       9.19        8.92        9.33       9.05        9.47
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   4 YEAR (3)         8.76       9.15        8.89        9.30        9.02       9.44        9.15        9.58       9.28        9.72
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   5 YEAR (3)         9.08       9.50        9.21        9.65        9.34       9.79        9.47        9.93       9.60       10.07
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   10 YEAR (3)        9.76       10.25       9.89       10.39       10.02       10.54      10.15       10.68       10.28      10.83
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(1)  We determine the applicable portfolio amount at the time you purchase or
     renew a note by aggregating the principal amount of all notes issued by
     Metris Companies Inc. that are currently owned by you and your immediate
     family members. Immediate family members include parents, children,
     siblings, grandparents and grandchildren. Members of a sibling's family are
     also considered immediate family members if the holder's sibling is also a
     noteholder.

(2)  The annual yield calculation assumes that:

     a.   the term of the note is renewed sequentially for an entire year,

     b.   the interest earned during each term is included in the principal
          amount for the next term,

     c.   the listed interest rate is the interest rate for each term, and

     d.   the accrued interest is paid annually.

(3)  The annual yield calculation assumes that accrued interest is paid
     annually.

                             -----------------------


     Standard & Poor's Ratings Services (S&P) has rated the notes CCC+.
     Obligations rated BB+ and lower are below investment grade and are regarded
     as having significant speculative characteristics. Please review "Risk
     Factors" beginning on page S-6 of the prospectus supplement dated October
     25, 2002 for a description of the risks involved in investing in the notes.