This card is primarily for people who will use some of the benefits, as the travel credits in the first year will more than offset the fees. Assuming you weren't going to use any of the benefits though, I calculate you'd get 8% cashback at the end of the year, assuming you spent $10k to get the bonus points.

eg:

$10,000 spending = 20,000 points + 100,000 bonus points
120,000 points = $1200 cashback
Profit: $1,200 - $395 yearly fee = $805.

$805 profit / $10,000 spending = 8% cashback

That would be absolutely worst case though, as almost everyone should be able to make use of the $300 travel portal credit.