That is correct
Some CC companies, MBNA for example, will do a direct deposit to your bank account. Others will send you a check and count it as a Balance Transfer. Different cards do it different ways, but the key is not to get hit by cash advance charges. Once you have the money in your savings account, just make the minimum each month until the 0% runs out, then you just pay the card off. Free interest money
It is somewhat risky in the sense if you fail to make a payment on time, the rates will be jacked up to the usual 10-20% credit card rates so anyone doing this be careful and punctual w/ your payments!