Fuji FinePix F470 works perfectly unless a memory card is present

Yes. See pages 67-68 of this manual.

card/ card reader contacts,problem clean and adjst.

well try changing the mode in which the camera is set to if not try a....
Different memory card/battery
Viset to the shop and try and get a swap
contact your local hardware store for more details

You have over exposed pictures due to the shutter sticking.
The video is the clue to the problem. It doesn't use the shutter.
Shutter needs to be cleaned. This is no easy task im afraid

Here are a couple of things that might be wrong. Your camera comes with what is called "internal memory" This is where your pictures will be stored if you don't have a XD card. One of the reasons your camera might be blinking is because that internal memory is full. If you don't have a XD card inserted in the slot that may be your problem. I would get your manual out and look up on how to transfer your photos from your camera to your computer or how to deleat them. I found this information on page 25 of the user manual for your camera. Page 31 shows how to erase the images. Hope this helps.

Take the camera to your local dealer or try to set the camera to default factory settings.

Hope it help

Try formatting the card in the camera using the setting in the camera's menu.
Some makes of xd or sd cards do not work correctly in fuji camera's. Sometimes even formatting them in the camera does not have any effect.

You will have to format it. Keep it in the camera and go through the manual's instructions for doing this, sorry but this sometimes happens.

What computer and operating system have you? Meanwhile try this Remove any third party image software. for example if you have the Fuji software in take it out

Format the card in the camera. Come back with the result