Mobile Virtual Network Operator (MVNO) Cool.Prepaid launched today with several Motorola handsets and a distribution deal with Sears. The upstart carrier uses the Cingular network and offers what it’s calling the lowest airtime rates for domestic and international calling. The Motorola RAZR V3 is Cool.Prepaid’s flagship phone, available for $249.99 without contract. If you just want the SIM they will sell it to you without a handset.

Airtime runs 30 cents per day and a flat rate of 10 cents per minute for domestic calls. Text messages are 10 cents. International rates vary, but many are 15-20 cents per minute.

Cool.Prepaid was founded by Marvin Jamal, most well known for his founding of the Nobody Beats the Wiz electronics chain. Private investors have anted up $8 million in funding.