Credit card No interest transfer. Is it for real?

I've been offered a credit card where if I transfer my outstanding balance from my existing card, there will be no interest on that transfer.
Is this too good to be true, can I really be getting a loan with no interest ?
This is for real but you must note the conditions.
Banks will take your outstanding balance from another Bank credit card and will charge no interest on the amount transferred.
However, there is a time limit usually of 12 months, so you need to be aware that if the amount is not paid back within the 12 months, interest on the outstanding amount will be added.

Most important is that the transferred amount will be reduced with any payments you make and that any further borrowing on
the new card will not reduce at all until the transferred amount has been cleared.

This means that if you bought something for £500, that £500 will not reduce at all by any of the payments made until the transferred balance has been cleared.

This can work out nicely if you are in a position to pay back the transferred amount quickly if not it can be very costly if you use
the card for further purchases and take a long time to pay back the transferred amount.

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