In a large bowl, add the cream cheese and mayonnaise. Using a spatula or a hand mixer on low speed, mix until well combined. Stir in the shredded cheddar and finely diced pimento until evenly distributed.
Sprinkle the onion powder and garlic powder into the cheese mixture. Season with salt, black pepper, and if you prefer a kick, add red pepper flakes or cayenne pepper to taste. Mix until all ingredients are well incorporated.