I did this a few years ago. I had just moved back to town and needed a job, and IT jobs in my city were far and few. So I took the first job that offered my a position. It was a significant pay cut from my last job, but I needed something. After 2 years and being stuck living with my folks, I went out and interviewed for another job that offered a $1 raise over my current salary. I took it back to my current employer and told them they offered me $6 more and if they'd match it I'd stay. They ended up matching it, which kind of pissed me off since it meant all this time they had the budget to pay me more but waited for me to have a foot out the door. I worked there another 1.5 years and when performance reviews came around, I asked for an extra $0.75 on top of the already $0.75 I was getting. I was told it wasn't in the budget. Fast forward a few months and the owner hires his own daughter and starts her at 90k. I hit the job bank daily until I found something else.

I finally left that place in 2017 and I've been bouncing job to job and the pandemic made it even better for me since I could apply for remote jobs. Moral of the story is, play your employer and see if they bite, worst case you end up leaving and working for the new employer for the smaller raise. They will pinch every penny to avoid paying you what you're worth, so don't pull your punches when asking for money.