Heat oven to 350.
Melt the butter and saute the onions and peppers over medium heat. Cook until the onions are golden, about 20 minutes.
Combine room temperature cream cheese, mayonnaise, garlic powder and pepper. Mix well.
Add the shredded cheese, reserve a handful to top the dip with in the oven.
Combine the peppers & onions, cream cheese mix and shredded cheese. Stir to combine.
Top with remaining shredded cheese and bake for about 20 minutes until bubbly. Serve warm with tortilla chips or as a topping for tacos, burgers or sandwiches!
