EMI in Amazon.

I have made a emi purchase at Amazon using Axis credit card. The full amount was charged and week later it was re-credited to my account. The issue is it didn't reflect in available credit neither outstanding balance. As far as I know in the emi system the bank pays money at purchase and we pay the bank every month at some interest. But in this case the whole amount is deducted in my account. As I pay emi amount every month the amount is release to my credit limit. I end up decreasing credit limit and paying extra money in the end. Is this a rip-off from axis and amazon companies or am I missing something here?Thanks!