QR Codes as Password Storage?

I played around yesterday with the idea of using QR-codes as an offline password storage. This way I don't have to rely on a database of passwords stored on my computer or in the cloud. I shudder at the thought of storing passwords in the cloud, encrypted or not. Instead my idea is to have printed QR codes in a binder, encrypted using a master password. To clarify, the content inside the QR code will be encrypted.