Mix cream cheese, cheddar cheese, eggs and garlic with a mixer or in a food processor. Blend in half the jelly.
Oil a 9 inch springform pan and pour in the mixture. Place on top rack of a preheated 350 oven. Place another pan filled with water on the bottom rack of the oven beneath the springform pan to keep the cheesecake from drying. Bake for 45 minutes or until cake is brown on top and a toothpick comes out clean. Cool on rack. Refrigerate for several hours before serving.
Remove ring from springform pan. Spread remaining pepper jelly over the top. Serve with Crackers.