In a mixing bowl, combine the softened cream cheese and mayonnaise.
Mix until smooth and creamy.
Add the shredded cheddar cheese to the bowl.
Stir in the diced pimentos, ensuring they are evenly distributed.
Sprinkle in the garlic powder, onion powder, and cayenne pepper if using.
Season with salt and pepper to taste.
Mix all ingredients until well combined.
Transfer the mixture to a serving bowl.
Chill in the refrigerator for at least 30 minutes for flavors to meld.
Serve with crackers, veggies, or use as a sandwich spread.