But only do it if you really want to stay. Otherwise, just take the new offer and go. The job market is going to be bumpy in some areas so be careful not to rock the boat at your current place if you might stay. You don't even have to mention another offer. Just say you would like to discuss raise/promotion and be prepared to lay out all the reasons you are worth that investment. Don't be subtle. Just ask for what you want and why you are worth it. Or just take the other offer and move on if you are already invested in leaving.