Metris Cos. Inc., St. Louis Park, MN, announced the conversion of about $725 million in out-of-footprint, non-affinity credit card receivables and nearly 500,000 accounts recently acquired from PNC Bank Corp. to the Metris price-for-risk business platform.
The purchase was announced on September 8, 1998, and closed on December 10, 1998. In addition to its 3.6 million fee-based memberships, Metris now has over $5.3 billion in credit card receivables and nearly 3 million credit card accounts.
Metris Cos. Inc. is an information-based direct marketer of consumer credit products and fee-based services primarily to moderate income consumers.
