In a medium bowl, whip the cream cheese using a hand mixer until light and fluffy.
Add the cheddar, colby jack, mayonnaise, cayenne, garlic powder, salt and pepper and continue mixing on medium speed until well blended. Add the pimentos and mix to combine.
Transfer to an airtight container and store in the refrigerator until ready to use. The spread will last up to 3 months in the refrigerator.
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Notes
For the best flavor, chill the pimento cheese for 30 minutes before serving.
For a softer, more spreadable texture, let it sit at room temperature for 10 to 15 minutes before serving.
Use freshly shredded cheese for the creamiest texture.
Add cayenne gradually if you want more control over the heat.
Store leftovers in an airtight container in the refrigerator for up to 5 days.
Freezing is not recommended because the texture can change after thawing.