Stop right there.
Using another job offer as a bargaining chip may be tempting, but too often, it ends badly. If you want a raise, then negotiate it on your own merits–or prepare to move on.
1. Employers often make counteroffers in a moment of panic. (“We can’t have Joe leave right now! We have that big conference next month.”) But after the initial relief passes, you may find your relationship with your employer–and your standing with the company–has fundamentally changed. You’re now the one who was looking to leave. You’re no longer part of the inner circle, and you might be at the top of the list if your company needs to make cutbacks in the future.