Payasam,
Yes, it can work OK if the sun (or light source) is behind you (perpendicular to the card) or close to that, but as the light starts coming from angles getting closer to the plane of the card, things become a different case. Again, we can learn to handle those cases to place the card differently and recalculate our reading, but I certainly find incident light metering a much more absolute concept...
Cheers,
Juan.