Preheat Oven:
Preheat oven to 325°F (160°C). Grease and flour a 10-inch Bundt pan or 9x5-inch loaf pan.
Cream Butter and Cream Cheese:
In a large mixing bowl, beat together butter and cream cheese until smooth and creamy, about 2–3 minutes.
Add Sugar and Eggs:
Gradually add sugar and continue beating until light and fluffy. Add eggs one at a time, beating well after each addition.
Mix Dry Ingredients:
In a separate bowl, whisk together flour, baking powder, and salt.
Combine Ingredients:
Alternately add dry ingredients and milk to the butter mixture, beginning and ending with the dry ingredients. Mix until just combined. Stir in vanilla extract.
Bake:
Pour batter into prepared pan. Smooth the top. Bake for 70–80 minutes (Bundt) or 60–70 minutes (loaf), or until a toothpick inserted in the center comes out clean.
Cool:
Let cake cool in the pan for 15 minutes, then invert onto a wire rack to cool completely.