Consolidated Charge-off Figures for Metris Companies Meet Expectations.

Business Editors

MINNETONKA, Minn.--(BUSINESS WIRE)--March 16, 2001

Metris Companies Inc. (NYSE:MXT) today announced the company's charge-off figures for its consolidated loan portfolio for January and February 2001.

The charge-off figures for the company's consolidated loan portfolio were 10.3 percent in January and 11.1 percent in February. In the Metris Master Trust, the charge-off figures were 12.7 percent in January and 13.5 percent in February.

"Each year, February loss figures appear to be higher than in other months based on the fact that February has only 28 days," said David Wesselink, Metris Companies Vice Chairman. "It is important to note that if February were a month with 30 or 31 days, our charge-off results would have improved over the prior month. Looking at these numbers on a normalized basis, February charge-off rates would be 12.2 percent in the Master Trust and 10.0 percent in the consolidated portfolio."

The charge-off rates on the consolidated portfolio fall within the company's previously disclosed expectations. In its most recent earnings release, Metris reported charge-off expectations of 10.0 percent to 11.0 percent in 2001, with rates in the high end of the range during the first half of the year, and decreasing in the second half of the year. The company reiterated this guidance at its investor conference on February 21, 2001.

Metris Companies Inc. is an information-based direct marketer of consumer credit products and enhancement services. The company was recognized in September 2000 as one of "America's 100 Fastest-Growing Companies" by Fortune magazine. Based in Minnetonka, Minn., Metris also has operations in Scottsdale, Ariz.; Jacksonville, Fla.; Orlando, Fla.; Champaign, Ill.; White Marsh, Md.; and Tulsa, Okla. Metris employs approximately 4,200 people. Visit Metris on the Internet at www.metriscompanies.com.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although Metris Companies believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: higher default and bankruptcy rates of the Company's target market of moderate-income consumers; lack of seasoning of the Company's credit card portfolio, which creates a risk of increasing loss levels; the Company's limited history as a stand-alone entity; risks associated with acquired portfolios; interest rate levels; dependence on the capital markets and securitization of the Company's credit card loans to fund operations; and the general economic climate. For further information on factors that could impact the Company, and statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.