Preheat oven to 350 degrees F (175 degrees C). Lightly grease a baking sheet.
Whisk brown sugar, flour, and cinnamon together in a bowl.
Remove biscuit dough from the can and separate into biscuits. Press into 3-inch circles on the prepared baking sheet. Sprinkle Cheddar cheese over each circle; top with apple rings. Sprinkle brown sugar mixture evenly over apple rings. Drizzle margarine on top.
Bake in the preheated oven until biscuits are lightly browned, about 15 minutes.