Step 1

Preheat oven to 350º F.

Step 2

In a medium bowl, stir together mayonnaise and softened cream cheese until smooth and combined.

Step 3

Stir in onion powder and garlic powder, then season with salt and pepper.

Step 4

Add both green and black olives, then stir in 1/2 cup cheddar cheese.

Step 5

Transfer mixture to a square baking dish and top with remaining cheese.

Step 6

Place baking dish in oven and bake for 20-25 minutes, or until cheese is hot and bubbly.

Step 7

Remove from oven and let cool 10 minutes before serving.