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.
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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.