You could use .each()
:
$xml.find("Coupon").each(function() {
var id = $(this).find("CouponID").text(),
rewardItem = $(this).find("RewardItem").text();
alert(id);
alert(rewardItem);
});
Basically, it's iterating over each Coupon
element and finding the CouponID
and RewardItem
elements inside.