Heat a skillet over medium heat.
Spread cream cheese evenly on one side of both bread slices.
Place the American cheese slice on the cream cheese side of one bread slice.
Add the cheddar cheese slice on top of the American cheese.
Close the sandwich with the second bread slice, cream cheese side facing inward.
Butter the outside surfaces of both bread slices.
Place sandwich in the heated skillet and fry for 2-3 minutes until golden brown.
Flip carefully and fry the other side for 2-3 minutes until golden brown.
Remove from heat and let cool for 1 minute before slicing and serving.