Never pass a job offer.
500hrs of experience later you'll find a whole host of airline more interested in your CV than now.
Mind you it is about the crumiest deal around. Been the springboard for many a pilots later glittering career though. Only three years ago people would have been climbing over each other for the job you just turned down.
Things are looking up. Expansion in the Middle East, India, Asia and China is really starting to bite now and there are NO contract pilots out of work anywhere. Pretty soon the deals to go Expat will start to get good enough to tempt people out of the less well paying/too hard working airlines.
When that happens things will get most interesting. I'd hate to be the mug that predicts a pilot shortage but a lot of people are uttering the words under their breath again.
Experienced capable Captains have been a rare commodity for some time now. Experienced capable First Officers are finding they have more career options right now and in time they will become a more rare commodity.
All good news for the Wannabes. So maybe turning down this job will prove to be a good move. Hindisght will be a wonderful thing.
Good luck,
WWW