- Grate the cheddar cheese and set it aside. 
- In a mixing bowl, combine the cream cheese and mayonnaise until well blended. 
- Add in the grated cheddar cheese, diced pimentos, garlic powder, onion powder, cayenne pepper, salt, and pepper to the mixture. 
- Mix all the ingredients until well combined. 
- Cover the bowl with plastic wrap and refrigerate for at least 1 hour to allow the flavors to meld together. 
- Serve as a dip for chips, spread on sandwiches or burgers, or enjoy on its own!